Montreal: Nine Quebec companies and sodec have formally launched a new cultural industries financing agency called Financiere des enterprises culturelles. The mixed private-public agency was developed under the name SODEC-Financiere and has an initial capitalization of $45.5 million.

Shareholders with more than 10% of fidec’s equity include sodec, which has invested $20 million; Fonds de Solidarite des Travailleurs du Quebec, an investment fund managed by Quebec’s largest trade union; broadcaster/ producer TVA Group; and National Bank of Canada, increasingly active in the audiovisual sector.

Other founding shareholders include Cinar Corporation, Compagnie France Film, Rosaire Archambault, DKD Spectacles/Molson Centre, distributor Remstar Corporation and Daniel Langlois, president of Terra Incognito.

In film and tv, fidec will invest in a range of international products in the form of gap financing, rights acquisition and production funding.

sodec president Pierre Lampron was at natpe in New Orleans last month for meetings with potential foreign ‘correspondents’ in banking and syndication.

sodec executive Pierre Leblanc is fidec’s new gm.