The National Film Board (FFA) and its advisory board approve the participation of the international production of Speed Racer under the German film fund / Positive signals from Hollywood

30.04.2007

Studio Babelsberg Subsidiary Receives €9M for its Participation on Speed Racer

On April 26th, the advisory board of the German Film Fund (DFFF), under president Peter Dinges, approved the German-UK co-production, Speed Racer, to participate under the Film Fund’s rules.

In comments regarding the Studio’s participation in the DFFF fund, the Federal Film Board (FFA) said:

a sign that future big-budget productions will also profit from the film fund, setting the foundation for an enduring, positive effect on the economy and Germany’s technical competence in filmmaking.
Dr. Carl Woebcken, CEO Studio Babelsberg AG

“The UK-German co-production Speed Racer precisely meets the intention of the DFFF fund: The production has a great impact on the economy and the (German) film business using, to a great extent, German filmmakers and technicians. Speed Racer is slated to go into production at Studios in Babelsberg, using the newest technologies, giving a hat tip to Germany as a location of film production while giving German companies a unique opportunity to collaborate with the world’s top-filmmakers.”

Speed Racer is based on the animated 1960s cult series about a young race-driver and his adventures in a futuristic world where the most highly respected sport is high-speed car racing. The all-star cast includes Emile Hirsch in the title role, Christina Ricci, John Goodman and Academy Award Winner, Susan Sarandon. Andy and Larry Wachowski (Matrix, V for Vendetta) are helming the project and began work in Babelsberg in January.

The action film is a co-production of Sechste Babelsberg Film GmbH and Velocity Productions Ltd. of London.

Dr. Carl Woebcken, CEO Studio Babelsberg AG
“We would like to thank the Minister of the State for Cultural Affairs, Bernd Neumann, for his commitment in creating the German film fund and assuring its quick implementation. We view the allocation of funds for our co-production Speed Racer as a sign that future big-budget productions will also profit from the film fund, setting the foundation for an enduring, positive effect on the economy and Germany’s technical competence in filmmaking.”

enning Molfenter, Managing Director, Studio Babelsberg Motion Pictures, Co-Producer on Speed Racer
“This is a great indication of the future of film production at the Studio. We are extremely happy to be able to participate in the German film fund with our current co-production Speed Racer. This is a boon to the German film business. Our experience with previous productions has shown the immense economic impact of such a big-budget project for the region. Aside from the mere turnover and the economic effect for Germany, the exchange of intellectual and artistic know-how regarding the latest film technologies is mutually beneficial. The German film business and film technicians profit greatly from this opportunity.”

Internationally, the new funding scheme has been met with great enthusiasm. The trade journal “Hollywood Reporter” is forecasting a future rife with opportunity for the German film industry based these new funding opportunities.