The Bucharest Film studios have come under new ownership and are set to expand, it was announced in Cannes this weekend.
Also known as “MediaPro”, the studios are now owned by Bobby Paunescu and Donald Kushner.
“The relaunch of Bucharest Studios combined with the new cinema law can ensure the whole industry will benefit from lower production costs while keeping highly skilled crews,” said acclaimed Romanian filmmaker Cristian Mungiu.
This development comes in the midst of preparations for the introduction of a new tax incentive, which aims to attract international production to Bucharest. The tax incentive is likely to include a rebate of between 20 and 25 per cent.
Mr Paunescu stated that, even without the incentive, Romania is the most cost effective location in eastern Europe to carry out filming, adding that numerous high-profile productions are due to shoot in Bucharest in the near future.
According to reports, Mr Paunescu and Mr Kushner hope to make Bucharest a cultural and creative film hub.
Source: Screen Daily