French fund, however, will close in February
TORONTO and MONTREAL — Bell Media confirmed today it is starting to wind down its Harold Greenberg Fund, beginning with the French-language program of the Fonds Harold Greenberg which will close by February 28, 2021.
After that time, the French-language program will transfer any remaining funds to another certified independent production fund, says the news release.
For now, the English-language program is continuing operations “for at least the next 12 months”, says the release. The English program is currently being supported by Crave, and the Harold Greenberg Fund is inviting additional partners to invest in the fund’s future. It did not name any potential partners.
The fund is beginning this transition following the completion of seven years of tangible benefits funding that resulted from Bell’s acquisition of Quebec’s Astral Media in 2013, explains the release.
“Like many other funds supported by tangible benefits regulated by the CRTC, the French-language committee for Le Fonds Harold Greenberg has chosen to complete its mandate, and will wind down operations over the next six months,” reads the news release.
“Tangible benefits are established by CRTC decision and spread out over a limited period of time and then they stop,” explained Michel Houle, co-chair of Le Fonds Harold Greenberg, in the release. “Over its 25 years, Le Fonds Harold Greenberg has received tangible benefits on several occasions, and under the terms of these benefits, it has had to terminate related programs, including documentaries, music programs, and children’s programs.”
The CRTC demands tangible benefits worth 10% of the value of the transaction when one regulated TV broadcaster buys another. That money can be directed in a number of places but is generally applied to the production of Canadian content. Radio tangible benefits are generally set at 6% of a transaction’s value.
“We are proud of the investment made in Le Fonds Harold Greenberg and the legacy it will provide to the Québec film industry,” said Karine Moses, president of Bell Media Québec and Bell’s vice-chair, Québec. “We look forward to continued support for the industry and Québec film with investments from Super Écran and Crave, including more than two dozen Québec films in 2021 alone. As well, we are committed to the celebration and recognition of the industry via our partnerships with multiple film festivals including Rendez-vous de Québec Cinéma and RIDM.”
As for the English-language program, Bell Media president Randy Lennox is quoted as saying: “The Harold Greenberg Fund came to us with a plan to continue its English-language program by seeking alternate funding following completion of the benefits, and we are happy to provide our support in their efforts to attract complementary financial partners.”
“Bell Media has long believed in our mandate to award much-needed funding to talented Canadian storytellers and I am extremely grateful for their ongoing support of Canadian voices as we transition to a new funding model,” said Suzette Couture, co-chair of the Harold Greenberg Fund. “Clearly, this is a huge vote of confidence in the Fund’s mission, and it is vital to our collective ongoing success.”
Harold Greenberg was the oldest of four brothers (Ian, Sydney and Harvey were the others) who founded Astral Media (whose business was originally film and photo development). He died in 1996. Ian Greenberg has been a member of the BCE board since Astral was purchased in 2013.
