Starz Animation of Toronto has secured $12 million in multiyear financing from the Royal Bank of Canada.
The studio, which animated the upcoming CBS holiday special Yes, Virginia, structured the deal to take advantage of Canadian tax incentives. The funding will give the studio immediate cost savings it can pass on to clients, while also helping to create jobs through increased co-productions and investments.
‘This facility, which benefits from Canada’s innovative tax incentives, allows Starz Animation Toronto to use its financial strength and expertise to provide immediate benefits to our clients,’ said Jeff Young, VP of finance and business development for Starz Animation Toronto. ‘We believe that in today’s economic environment, where credit markets are tightening, the ability to reduce a producer’s financing needs is a significant strategic advantage.’
The studio recently worked on the animated feature 9, and has two film projects in its pipeline: Hoodwinked Too!: Hood vs. Evil for The Weinstein Co. and Gnomeo & Juliet, for Miramax Films and Sir Elton John’s Rocket Pictures. The company also is working on a TV series based on a classic children’s book series, in addition to Yes, Virginia.
Yes, Virginia will air Dec. 11 at 8 p.m. on CBS. It was created and produced by Macy’s and JWT in conjunction with The Ebeling Group and MEC Entertainment, a division of Mediaedge:cia.