Toronto to take stake in Filmport

Toronto city council has voted to buy a minority stake in the Filmport studio complex, the massive film studio that opened last year on the waterfront.

Filmport, a public-private partnership managed by Toronto Film Studios, has been hard hit by the downturn in the film industry.

Filmport, built at a cost of $60-$65 million, has been in talks with Hollywood moviemakers on several film projects, but its huge, high-tech sound stage has had very little business.

On Monday, Toronto city council voted 31-7 to approve a loan for the city to purchase minority ownership in Filmport.

The stake was said to be in the region of 20 per cent, though the city has not yet released dollar figures or full details of the deal.

It does guarantee Toronto a place on the board of Filmport and is being hailed by Mayor David Miller as good for the city's film industry.

The Toronto Economic Development Corp. is scheduled to make details of the deal public once they are confirmed.

However, trade magazine Variety is reporting that the deal may also involve Britain's Pinewood Studios Group.

Pinewood is reported to be interested in assuming control of Filmport in partnership with another Toronto development company.

The British studio lost out in its bid to build the original project.

The original Filmport project, which has rights to 18 hectares of land on the waterfront, was backed by Sam Reisman and Paul Bronfman.

The high Canadian dollar, the troubled economy and the effects of labour unrest, including the Hollywood writers strike and a threatened actors' strike have hurt prospects for film shoots in Canada.