Mark Damon’s DCR Finance Corp., co-headed with financer Adi Cohen, has received a $150 million investment from Go Media Productions for Georgia projects, Variety has learned exclusively.
Damon, whose credits include “2 Guns” and “Lone Survivor,” made the announcement Monday with Cohen. The deal calls for Atlanta-based Go Media Productions to join a private placement as a lead investor and provide up to $150 million in exchange for the investment being channeled back into the Georgia film industry. Len Gibson and Wayne Overstreet are the Go Media principals.
Most of the post-production will take place in Georgia, and Cohen told Variety that the funding should lead to new studio and post-production facilities along with training programs that will include significant hiring of personnel.
“It is indeed a great opportunity for DCR to have visionaries like Go Media as part of the DCR team and a major investor in the fund,” Cohen and Damon said. “DCR’s intention is to grow and provide a constant solution to filmmakers in completing their films and obtain distribution and sales.”
Damon is a producer on the war drama “The Last Full Measure,” which was shot in Georgia, and Cohen is one of the film’s financiers. “The Last Full Measure,” starring Sebastian Stan and Christopher Plummer, is being released by Roadside Attractions on Oct. 25.
Phillana Williams, director of Atlanta’s Office of Film & Entertainment, said, “As the film capitol of the Southeast we are thrilled DCR Finance Corp and Go Media are making this investment in our community. Atlanta is home to some of the world’s most creative talent, and this venture provides an opportunity to cultivate and grow new filmmakers while continuing to build upon the innovative impact film and entertainment has had in our city and state.”
The funding comes on the heels of Georgia’s anti-abortion legislation, which goes into effect next year if it survives a court challenge. Disney and Netflix have threatened to stop producing in Georgia if that happens, despite the state’s generous 30% tax credit. A proposed California tax credit worth $50 million annually has also recently cleared a key legislative hurdle in an effort to attract productions from states with fetal heartbeat anti-abortion legislation.
“We have indeed discussed that internally and agreed that at the end of the day what is important for us and the film industry is the great good of creating many new jobs on one hand, while having a large source of funding resources for producers and their films,” Cohen said. “This transaction will grant many producers a relatively easy access to new source of funding that will allow them in turn to complete their films.”
George State Representative Kim Schofield said in a statement, “Partnering with GO Media and DCR Finance will transform the Georgia film community from a filming business to a filming industry through home-grown content creation that will merge with massive influx of films into Georgia guaranteed by DCR’s commitment, stature and reputation.”
Asante Bradford, project manager for the Georgia Department of Economic Development, said, “There is a tremendous need for quality infrastructure and post production facilities in our market to help grow and sustain the film and television industry in Georgia. This deal is a testimony that we work hard every day to keep Georgia leading the nation as the best place for business.”
Go Media’s Gibson and Overstreet said, “We are excited to partner with DCR and provide state
of the art infrastructure for film and post production here in Atlanta. This deal would allow us to
train a new generation of great talents while cultivating growth in the industry and creating
substantial employment opportunities.”