Spanish state investment vehicle SETT and South Africa’s Known Associates Group are teaming on a major audiovisual venture in Spain, encompassing a Madrid-based production company and post-production studios in the Canary Islands and Basque Country.
SETT, the investment arm of Spain’s Ministry for Digital Transformation, will commit €12.7 million ($14.5 million) to two public-private ventures valued at a combined €25 million ($28.5 million).
The first operation will see SETT committing $10 million to Moonlighting Studios Spain, the local arm of South African production-services heavyweight Moonlighting Films. The company will receive a total capital injection of $20.5 million to establish a production base in Madrid focused on developing projects and creating intellectual property.
The Madrid venture is expected to produce 10 feature films and documentaries. Moonlighting has provided production services on major international titles including “Mufasa: The Lion King,” “Mad Max: Fury Road,” “The Woman King,” “Mission: Impossible – The Final Reckoning” and Netflix’s “Resident Evil” series.
A second transaction will see SETT invest $4.4 million to take a 49% stake in the Spanish division of South African post-production company The Refinery. The company will receive a $9.1 million capital injection and establish facilities in the Canary Islands and Basque Country, the two parts of Spain with the most muscular tax incentives for production.
