FRIENDS OF THE CONSORTIUM

THE CONSORTIUM MEDIA FINANCE

Investor Update – June 2025

Subject: Investor Update – Cannes Market Aftermath & Slate Execution Plan

1. Executive Overview

Following an extremely high-profile and productive run at the 2025 Cannes Film Festival, The Consortium Media Finance has rapidly evolved into a highly visible and respected production finance operation in the global independent sector. 

Cannes validated our standing—where agencies, talent, and financiers sought us out—and galvanized a slate-wide execution strategy that places a new film,  BARE, directed by Lorna Tucker, at the front of our operational priorities, and immediately followed by Paintbox. 

Through our newly confirmed partnerships, advancing talent negotiations, and a disciplined financing strategy, Consortium is now poised to finance, control, and produce a multi-picture slate of up to five films over the next 12 months, with no additional equity needed from foundation investors and a planned 2x return minimum over a five-year cycle.

1. SLATE PRIORITY – “BARE” by Lorna Tucker

Why BARE?

• Directed by Lorna Tucker, acclaimed for Westwood: Punk, Icon, Activist, Greta Garbo, etc…
  
  

• Based on her deeply personal, critically lauded best selling memoir
  
  

• Supported by Gillian Berrie (award-winning producer)
  
  

• A-list casting discussions active with Des Hamilton (casting director: This Is England, Top Boy)
  
  

• Budget: ~£3.5 million (half the cost of Paintbox)
  
  

• Distribution Interest: A24, top industry prestige/genre distributor
  
  

• Upside Potential: Elevated awards profile, deeply resonant drama, aligned with the current global appetite for emotionally charged, female-led narratives
  
  

• ROI Profile: Presales, tax credits, and brand grants already in motion—low exposure, high prestige, high roi.
  
  

This is now the priority project for The Consortium.

Cannes Momentum:

The industry’s attention has now firmly turned to Consortium. We are currently engaged in:

• Ongoing financing talks with Hyde Park, Matthew Joynes, and international equity groups
  
  

• Agency packaging with UTA, Gersh, and top UK agents
  
  

• A-list script development and first-look offers from top distributors

2. Highlights from Cannes

A. Partnership Discussions with 

Mediapro Studio and Secoya Studios

• Project Focus: Bare and Only the Guilty
  
  

• Summary: Mediapro, one of Europe’s most significant content production groups, has expressed interest in co-financing 100% of the production budget for Only the Guilty, including:
  
  

• Full access to Spain’s 50% tax rebate
  
  

• Potential underwriting of foreign minimum guarantees
  
  

• Operational production support from their extensive Spanish studio and production infrastructure
  
  

This partnership would immediately de-risk our investment while allowing us to retain creative and executive control.

B. Talent Packaging & Agency Engagements

• Gillian Berrie introduced Consortium to the UTA Talent Agency for:
  
  

• Packaging A-list talent for Only the Guilty
  
  

• Exploring Consortium’s role as financier on Ewan McGregor’s upcoming project:
  
  

• Budget: $6 million
  
  

• US Deal in Place: $2.5 million
  
  

• 30% in tax credits & soft money
  
  

• Equity Opportunity: Strategic small equity position with first-dollar recoupment and significant upside
  
  

• Gersh Agency Meeting:
  
  

• Engaged discussions to assign one of their top screenwriters to adapt Rogue Male
  
  

• Additional opportunity: Consortium may finance a future Gersh brough project directed by Tom McCarthy (Spotlight, Stillwater, The Visitor)—an Oscar-winning filmmaker known for sophisticated, character-driven dramas with global resonance
  
  

C. Strategic Producer Collaboration

• Multiple meetings with Gillian Berrie have led to discussions for her to come aboard as a Producer-At-Large for The Consortium:
  
  

• Deep access to top-tier UK/European acting talent
  
  

• Elevated production reliability and cost-efficiency
  
  

• Additional leverage with agencies and regional funding bodies
  
  

D. Additional Financier Alliances

• Meetings with Matthew Joynes, experienced distributor and financier:
  
  

• Expressed intent to partner on select titles
  
  

• Exploring pipeline collaboration and equity matching
  
  

• Ongoing talks with Hyde Park Entertainment, a global sales and finance house, to co-develop a financing partnership supporting our current and future slate
  
  

3. Strategic Slate Progress & Timelines

Project

Current Status

Upcoming Milestone

Estimated Timeline

Paintbox/BARE

Script finalized, Lorna Tucker directing

Final packaging and festival marketing plan

July 2025: TIFF packaging

Only the Guilty

Packaging and financing discussions (Mediapro, UTA)

Finalize financing structure and casting

June–July 2025: Lock cast, Q4 shoot

Rogue Male

Writer engagement and creative re-development

Screenplay delivery from Gosch writer

August 2025: First draft

Steeplechasers/Ewan McGregor Project

Financing conversations active

Budget locking and soft money strategy

Q3 2025: Pre-production decision

4. SLATE TIMELINE & EXECUTION STRATEGY

A. Only the Guilty

• Genre: Action thriller
  
  

• Director: Will Gilbey (Jericho Ridge)
  
  

• Location: Madrid, Spain
  
  

• Tax Credit: 50% via Secoya Studios/Mediapro
  
  

• Casting Offers: Week of June 10, 2025
  
  

• Production Start: August 26, 2025
  
  

• Key Crew:
  
  

• Producer: Gillian Berrie
  
  

• Casting Director: Des Hamilton
  
  

• Studio Partner: Secoya Studios, supported by Mediapro
  
  

• Mediapro: $2B revenue group, global co-production leader, active in 40+ territories
  
  

Milestones:

Date

Milestone

June 10–21

Talent offers & negotiations

July 1

Finalise Mediapro co-financing terms

July 15

Secure completion bond

August 1

Pre-production begins

August 26

Principal photography begins

B. BARE

• Genre: Prestige drama
  
  

• Director: Lorna Tucker
  
  

• Script: Based on her acclaimed memoir
  
  

• Distributor Interest: A24
  
  

• Producer: Gillian Berrie
  
  

• Casting Director: Des Hamilton
  
  

• Budget: £3 million
  
  

• Target Production Window: September 23 – October 25, 2025
  
  

• Location: Scotland & UK interiors
  
  

Milestones:

Date

Milestone

June 12

Final budget confirmation

June 15

Initial casting packages sent via Des Hamilton

July 5

Talent confirmation & contract execution

August 1

Begin rehearsals, confirm insurance & bond

September 1

Final prep and tech scout

September 23

Principal photography begins

C. Paintbox

• Director: Lorna Tucker
  
  

• Writers: Arthur Baker (legendary music producer), Irvine Welsh (Trainspotting)
  
  

• Budget: ~£6 million
  
  

• Production Start: January 20, 2026
  
  

• Location: London and Ibiza
  
  

• Casting/Pre-production: November–December 2025
  
  

• Packaging and teaser strategy: Active for TIFF 2025
  
  

Milestones:

Date

Milestone

August 15

Final rewrite & mood reel locked

October 1

Begin formal casting with Brianna (CD)

November 15

Begin pre-production prep

January 20

Production begins

D. Rogue Male

• Based on: Roger Field literary thriller
  
  

• Adaptation: Gosch Agency writer pending confirmation
  
  

• Tone: Bond-like espionage franchise
  
  

• Budget: £8–10 million
  
  

• Production: Q2 2026
  
  

• Casting discussions: September 2025
  
  

• Potential Director: In discussion with Tom McCarthy (Spotlight)
  
  

Milestones:

Date

Milestone

June 30

Confirm screenwriter from Gosch Agency

August 15

First draft delivery

October 1

Begin early casting outreach

February 2026

Production financing confirmed

E. Wolfland

• Status: Repositioned for Q1 2026
  
  

• Genre: Period genre action
  
  

• Reactivation: Q4 2025 after strategic repositioning
  
  

4. CORE TEAM & INFRASTRUCTURE PARTNERS

Key Crew & Executives:

• Gillian Berrie: Executive Producer on multiple slate projects
  
  

• Sabina Satter: Line producer (UK, Spain co-productions)
  
  

• Des Hamilton: Casting Director, engaged for BARE and Only the Guilty
  
  

• Philip Plough: Joining Consortium as Strategic Executive, leading funding execution and oversight
  
  

Strategic Production Partners:

• Secoya Studios (Madrid):
  
  

• Fully equipped studios & production services
  
  

• Specialised in servicing high-end international co-productions
  
  

• Mediapro (Spain):
  
  

• One of Europe’s most established entertainment groups
  
  

• Co-producing with Netflix, Amazon, HBO Europe
  
  

• Key partner for Only the Guilty and other future productions
  
  

• A24:
  
  

• Prestige indie distributor, frequent awards contender
  
  

• Actively interested in BARE, open to co-finance and global rights handling
  
  

5. FINANCING STRATEGY: TOTAL CONTROL, LOW RISK, PREMIUM RETURNS

Funding Model:

Consortium will fully finance all five films through its hybrid capital stack, administered and executed by Philip Plough, with a vision of:

• Owning senior position in all projects
  
  

• Avoiding dilution and keeping creative control
  
  

• Eliminating the need for further equity from Foundation Investors
  
  

Capital Stack Per Film:

• 30% – Tax Credits (Spain, UK, Italy, etc.)
  
  

• 20% – Soft/Public Funds
  
  

• 25% – Pre-Sales / MGs (A24, XYZ, Bankside, etc.)
  
  

• 5% – Brand/Pharma/Social Impact Grants
  
  

• 20% – Consortium Equity (senior, first-out with 20% premium)
  
  

Security Layers:

• Completion bonds on every project
  
  

• Tax credit pre-approvals and drawdown structuring
  
  

• Sales contracts and international presales
  
  

• Soft money confirmed before any equity is deployed
  
  

6. INVESTOR OUTLOOK

With the strategic packaging of BARE, the co-financing momentum of Only the Guilty, the prestige packaging of Paintbox, and the international franchise potential of Rogue Male, Consortium is executing a disciplined, fully funded slate from 2025 into 2026.

Investor Impact:

• No further capital required from Foundation investors
  
  

• Revolving debt model + recoupment waterfalls engineered for efficiency
  
  

• Target returns:
  
  

• 2x+ ROI across 5-year window
  
  

• Annualized IRR: 15–18% based on performance
  
  

4. New Financial Model – A Fully Controlled, Risk-Optimized Investment Platform

Overview:

We are structuring a model that gives Consortium ultimate production control while significantly de-risking investor capital.

Key Components:

• Total Funding Structure Per Film:
  
  

1. 30% Local Tax Credit
   
   

2. 20% Soft/Public Money
   
   

3. 25% MGs / Pre-sales
   
   

4. 5% Brand Sponsorships
   
   

5. 20% Equity – Controlled by Consortium
   
   

• Investor Position:
  
  

1. First-in, first-out recoupment from blended security (rebates, MGs)
   
   

2. Premium 20% ROI on all equity positions
   
   

3. All films bonded and insured, ensuring completion and delivery
   
   

• Security Layers:
  
  

1. Primary – Tax credits, presales, and MGs
   
   

2. Secondary – Unexploited territories
   
   

3. Guarantees – Completion bonds, production insurance
   
   

This structured approach means we deploy equity only when upside is maximized and risk is contained by prior secured revenue streams.

5. Broader Capital Strategy

Capital Allocation:

Tier

Instrument

Purpose

Annual Return

1

Senior Debt

Production finance against collateral

7–9% p.a.

2

Development Debt

Pre-finance with 50% premium repayment

12–15% p.a.

3

Strategic Equity

High-upside, controlled exposure

3–5x ROI target

Five-Year Goals:

• Gross ROI Target: 1.7x–2.2x
  
  

• IRR Target: 12–18%
  
  

• Reinvestment Cycles: 2–3x
  
  

There is also the consideration of any breakout performances from the films in the slate.

6. Summary & Forward Outlook

The 2025 Cannes Film Festival confirmed Consortium Media Finance as a central force in global independent film production. We are now:

• In active packaging and financing stages on multiple high-value films
  
  

• Attracting the industry’s top agents, producers, and financiers
  
  

• Finalizing a model that merges creative excellence with financial security
  
  

With new partnerships on the horizon and the capital structure in place, Consortium is poised for its next phase of activation. We look forward to closing key deals in Q2 and Q3 and rolling out the first productions under our model before year-end.

7. Conclusion

The Consortium is now positioned to become one of the leading independent finance and production entities in the global content market.

Through smart packaging, cost-controlled execution, and full-cycle project management, we aim to become a consistent and trusted generator of content—delivering measurable returns, award-contending material, and top-tier partnerships, all while securing and elevating the value of our founding investor capital.

Prepared by:

Marcus Warren & Christian Moore

Managing Partners – The Consortium Media Finance