Founder Nigel Sinclair | Founded 1995 | |
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Intermedia was a film production company, wholly owned by IM Internationalmedia AG.
Contents
The company mostly acted as a co-producer, funding films through the IMF (Internationale Medien und Film, German for "International Media and Film") funds.
History
The company was founded in 1995 as Intermedia Film Equities in London. Two years later, Intermedia began operations in Los Angeles, as did Pacifica Film Distribution, which would later merge with Intermedia.
Its first success of note was Sliding Doors, starring Gwyneth Paltrow, opened the Sundance Film Festival.
In 2000, parent company IM Internationalmedia AG held an initial public offering of its stock on the New Market. That year, it won a Golden Globe for the film Nurse Betty. In 2001, the company acquired the library of Lawrence Gordon's studio, Largo Entertainment, with Warner Home Video acting as distributor, and also produced films such as K-PAX and The Wedding Planner.
Tax status
The company used to fund Intermedia productions, IMF, was a tax shelter under German law. The taxation laws of Germany allow investors to claim an instant tax deduction on film productions, even if they are non-German productions or even if the film has not gone into production. This allows the producers to make instant profit, for example, by selling the copyright for around $160 million, and then buying them back for $149 million, the producers have made a profit of $11 million. However, it is important to note that this tax shelter is no longer applicable under German tax law.
Company structure
Note: All subsidiaries were 100% wholly owned of the parent.