Export Development Canada (EDC) has announced it’s providing more than $250 million in support to Cineflix Media, Sphere Media and Lionsgate Canada.
The Crown agency, which helps Canadian businesses make an impact abroad and pursue new markets, has propped up the media and entertainment companies in the way of both direct financing and loan guarantees to help “create liquidity to fuel their international growth plans,” according to an EDC release.
“The shift towards digital platforms and on-demand content is driving growth in the media and entertainment sector, and Canada is leading the charge in this global movement,” said Guillermo Freire, Senior Vice-President, Mid-Market Group at EDC. “Cineflix, Sphere Media and Lionsgate Canada are fast movers on industry trends, continuously evolving to produce and distribute groundbreaking content. By supporting these cutting-edge Canadian companies, EDC is helping foster growth in this sector and creating new opportunities for Canadian exporters.”
“Canadian media and entertainment businesses have all the right ingredients to succeed internationally – from experienced crews to state-of-the-art production facilities, to their focus on innovative global content distribution,” added Stephen Callaghan, Vice-President, Mid-Market Business at EDC. “The opportunities for Canadian exporters are vast, but to uphold Canada’s competitiveness in the industry, we know that EDC, alongside industry partners, has a role to play in helping Canadian exporters capitalize on the global opportunity.”
All three companies have an established presence outside Canada, including Montreal-based Sphere Media which acquired London, UK-headquartered Abacus Media Rights last September.
“By creating original content and high-value storytelling, Sphere Media reaches the widest possible audience around the world with sales in more than 165 countries,” said Bruno Dubé, CEO of Sphere Media. “Our most recent acquisition in London, which ranks Sphere Abacus as number eight in the distribution market, would not have been possible without the support of EDC.”
“A key pillar of our success has been our creative output that originates in Canada and production that is realized in Canada by Canadian talent,” said Emily Harris, Executive Vice President, Global Business and Legal Affairs and Canadian Operations, Lionsgate Canada. “EDC has been a trusted financial partner helping us monetize growth opportunities that lead to even more international successes that continue to expand our distribution and production capabilities. This has ensured a broader reach and higher engagement. We look forward to continuing our collaboration with EDC to see continued growth within the industry.”
