MONTREAL and TORONTO – The Cogeco Program Development Fund, the Independent Production Fund and Cogeco Communications announced Monday they’ve concluded an agreement to ensure “the sustainability of the CPDF's Canadian television production funding activities,” says the press release.
This new agreement will become effective on January 1, 2018.
The CPDF and the IPF had been co-operating with each other since 1992 by sharing resources for the processing of funding applications and the administration of the CPDF's program funding activities, which are supported financially by the annual contributions of Cogeco's regulated broadcasting distribution undertakings to independent production funds and the returns from an initial capital endowment of Cogeco following the creation of the CPDF, reads the release.
“The annual contributions from Cogeco have been under pressure lately as a result of lower revenues from traditional broadcasting distribution activities. Given this trend, the directors of the CPDF concluded earlier this year that a new arrangement and a restructuring of the CPDF were necessary.”
The new agreement between the CPDF, the IPF and Cogeco provides for the transfer of all the existing program funding activities and commitments of the CPDF to the IPF and the redirection of the totality of the annual contribution of Cogeco for independent production funds to the IPF, effective on January 1, 2018, according to the release.
“This transfer will ensure that Canadian television program producers will still be able to apply for dramatic television series program funding in 2018 and thereafter from the proceeds of Cogeco Communications' annual financial contribution directly through the IPF offices in Toronto and Montreal and under the sole responsibility and guidance of the IPF, its staff and its board of directors.”
The CPDF has invested in total $55M in Canada's program industry for the production and development of nearly 1,000 television productions and feature films since 1992 and effective January 1, 2018, the CPDF will be known simply as the Cogeco Fund, “with a more narrow mandate to support Canadian television industry events through sponsorships or grants from the proceeds of its remaining capital endowment and will continue to be a not-for-profit Canadian corporation,” reads the release.
Also, the IPF will operate two distinct program streams beginning Jan. 1: the Web Series Program with funding for the production of scripted digital-first web series, and the Cogeco Television Production Program for the funding of the production of television series and mini-series.
The IPF remains a Certified Independent Production Fund (CIPF) under the regulations and policies established by the CRTC, and it will receive BDU contributions annually from Cogeco for the television funding program to be known as the Cogeco TV Production Program. In addition, the IPF will continue to use the annual interest from its $36M endowment for its Web Series Program. Recoupment from investments in each Program will be allocated for reinvestment in projects to be funded by the respective Programs of the IPF, adds the release.
The Independent Production Fund has invested $13M in the production of 114 web drama series in the past seven years, as well as $47M in 251 television drama productions from 1991-2010.
