www.broadcastnow.co.uk
24 January 2014
INTERVIEW
DIARY OF A DG
IN FOCUS
Page 22
Pages 4 & 5
Page 28
True North: getting Exclusive: Tony Hall’s down to business first months in office
Culture clash: Midsomer heads to Denmark
C4 unveils £20m indie fund
Broadcaster plans ‘adrenaline shot’ for UK production sector with launch of its Growth Fund BY CHRIS CURTIS
Channel 4 will give the UK production sector a £20m “adrenaline shot” by investing in a raft of indies over the next three years. The broadcaster is to take stakes of up to 25% in production companies, and expects to strike its first deals by the end of March. It is close to appointing a high-profile head of its Growth Fund to lead the initiative, and will also create an advisory board to provide strategic guidance and act as the fund’s “conscience”. The broadcaster trailed the strategy at the RTS Cambridge Convention in September, and chief executive David Abraham told Broadcast this week that it was a “genuinely exciting moment in C4’s history”. “This is a new interpretation of C4’s remit, a way of helping the next generation of producers to grow,” he said. Indies keen to win C4 investment will need to present a balanced case: they will be expected to have a highquality pipeline of ideas and content, as well as a strong business case to explain what the cash would enable them to do. That could be adding development or production staff, improving infrastructure or investing in technology. C4 will consider producers with a turnover of less than £10m, a higher figure than initially mooted at Cambridge. The new figure means it could strike deals with wellestablished suppliers – the likes of Keo Films and Windfall Films would fall in that bracket, based on Broadcast’s Indie Survey last year.
This is a new interpretation of C4’s remit, a way of helping the next generation of producers to grow
Abraham: investment by Channel 4 would boost an indie’s kudos, but there will be no guarantee of work
C4 GROWTH FUND KEY FACTS Channel 4 will invest £20m over the first three years. Its ambition is to grow the fund if successful ■ C4 will build balanced portfolio of indies across genres ■
While there is no formal agreement in place with Pact, the trade body confirmed it is on board with the plans last week, following assurances from C4 that the scheme will be operated fairly and all indies will be treated equally by commissioners. Abraham stressed that indies that win investment will not be offered an output deal. He said:
C4 happy to invest alongside commercial companies’ umbrella deals ■ Head of fund will report into group finance director Glyn Isherwood ■
“There is no guarantee of work, but an investment by C4 would boost an indie’s kudos. It might help them attract more funding, or open doors in other markets.” The plan is for C4 to hold its investment in the indies for around five years. “We’re acting neither as a charity nor as a VC – it’s about us squaring that circle. We will help
fantastic companies create value, and share in that,” Abraham said. Any money generated will either refresh the fund or go into C4’s commissioning budget. Abraham said he hoped the size of the fund would grow after its initial three years. The head of the fund will report to group finance director Glyn Isherwood, while the advisory board is likely to be chaired by Film 4 controller Tessa Ross and will include indie sector grandees. By taking stakes of less than 25%, C4 will ensure the producers retain their official ‘qualifying indie’ status, so they remain part of the various PSB quotas. Companies can register their interest in the initiative via growthfund@channel4.co.uk.