Lions Gate Entertainment (NYSE:LGF) has signed a US$140 million deal with the Quebec government to increase film production in the province.
The four-year financing agreement with Societe generale de financement du Quebec, the provincial government's investment arm, will see SGF finance up to 35% of TV and film production costs for films and TV series shot in Quebec.
The deal includes financing for the next Punisher film that begins shooting in Quebec in October 2007. It will see more than 6,700 full-time equivalent film-related jobs created in Quebec, generating wages of roughly $270 million.
Lions Gate's share price range during the past week: between $9.22 and $9.38; 52-week high: $12.11; 52-week low: 9.62.