EU Bank to Target European Media
A bank better known for financing roads and railways said Tuesday it is earmarking $445 million to help European media companies compete with Hollywood and Silicon Valley.
The European Investment Bank, the financing arm of the European Union, will provide the money over three years via loans, credit lines and backing for venture capital funds.
The first deal was signed Tuesday with a commitment to invest up to $14.7 million in the Finland-based Venture Fund for Creative Industries, which targets music, sports and new media companies.
“Both for cultural and economic reasons, it is essential to provide adequate funds to European creators,” said bank chief Philippe Maystadt.
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