Georgia's First Broad Spectrum Television
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GEORGIA’S FIRST BROAD SPECTRUM TELEVISION DEVELOPMENT COMPANY THE COMPANY Picture It Productions (“Picture It”) is the first broad-spectrum (scripted YEARLY REVENUE FROM THE and unscripted) television development company headquartered ENTERTAINMENT INDUSTRY in Georgia, specializing in finding fresh talent and unique stories that can CALIFORNIA - $40 BILLION only be found in the Southeast. GEORGIA - $9.5 BILLION (Georgia gets ¼ the entertainment Because we have both roots and boots on the ground in Georgia, Picture It revenue while its GDP is only has unparalleled access to an untapped and rapidly expanding pool of 1/5 the size of CA’s) writers, creatives, and producers. Picture It leverages these relationships to secure exclusive rights to never-before-seen content. Based on the depth of experience of its development team and their track record in selling shows, BROAD SPECTRUM TELEVISION Picture It selects the “best of the best” of this content to put through its DEVELOPMENT ENTITIES development process and bring to market. CALIFORNIA - 400+ Paradigm Talent Agency Picture It is represented by and the law firm of GEORGIA - 1 Del, Shaw, Moonves, Tanaka, Finkelstein & Lezcano, giving the PICTURE IT PRODUCTIONS company the ability to package its shows with top-tier talent and to sell to any buyer. WHY PICTURE IT? • Established development team with over 20 years of industry experience and a strong track record of developing and selling shows in Los Angeles. (FIRST SALE) • Full service, brick & mortar, production company/production services THE NEED: that can scale-up to deliver broadcast quality content. HOLLYWOOD SEEKS CONTENT THAT FEELS FRESH AND REPRESENTATIVE OF VOICES • Roots in the Southeast and ties to community give us an unmatched “ground FOUND OUTSIDE THE game” in finding untold stories and untapped talent. COASTAL BUBBLE. CREATIVES IN THE SOUTHEAST • In-house GA tax incentive expertise including turn-key tax credit monetization HAVE NOWHERE TO PITCH for development and production, eliminating broker fees (typically 30% off THEIR SHOW. the top). THE SOLUTION: PICTURE IT PRODUCTIONS • Strong LA representation and partners with access to top tier talent and buyers. TELEVISION DEVELOPMENT EXPERIENCE Lance Krall, brings over 20 years of experience in writing and producing television content. In 1998, Lance broke into the industry by creating and selling the comedy show, “Last Hour Live,” to TBS, which featured his Atlanta- based comedy theater that he co-founded. Lance continued to pave his own “ATLANTA HAS SO MUCH way in Los Angeles by creating projects like, “The Lance Krall Show” (Spike TALENT AND SO MANY STORIES TV) and “Free Radio” (Vh1, Comedy Central). Lance has also written on such TO TELL. WHAT IT DIDN’T HAVE popular hits as “Breaking In,” “Last Man Standing,” and “It’s Always Sunny in WAS ACCESS. THE SHEER Philadelphia,” and Co-Executive Produced TruTV’s hit comedy, “Fameless.” VOLUME OF CONTENT THAT WE ARE DEALING WITH IS INCREDIBLE. OUR JOB IS TO DISTILL Over his career, Lance’s hit rate in selling television shows exceeds 90%, which AND DEVELOP THE BEST OF THOSE reflects the requisite level of taste necessary to select only the best local content IDEAS FOR HOLLYWOOD.” for development. - LANCE KRALL, CCO FULL SERVICE PRODUCTION/ PRODUCTION SERVICES Picture It Productions has the in-house ability to produce everything from sizzle reels to series with the support of Picture It principal Peter Siaggas*. With the ability to scale up, Siaggas’ production team has the experience and resources to provide seamless production services at any budget to buyers of Picture It content. CONNECTED TO Production services include: Production Planning, Location Scouting, Permits, Pre-Production, Crewing, Casting, Equipment Rentals, Set Construction, ATLANTA’S INNOVATIVE Production Office Rentals, Catering, Travel Accommodations, Consultants, “BELTLINE”, PICTURE GFX & Post Production Services, Mobile Editing, Labs & Color Correct, IT IS LOCATED IN Accounting & Legal, Tax Credit Preparation, Insurance, Storage & Shipping. ONE OF ATLANTA’S MOST CREATIVE NEIGHBORHOODS, INMAN PARK. *Peter Siaggas is an Emmy award-winning director who has produced and directed “The Lance Krall Show” for Spike TV and “Free Radio” for VH1, as well as several comedy shorts for “Jimmy Kimmel Live!” Siaggas is the owner of one of the South’s most successful and sought-after commercial production companies, Spots Films, which has produced over 500 commercials. EXCLUSIVE ACCESS TO ORIGINAL CONTENT Picture It has a first-mover advantage by being the only broad spectrum television development company in the Southeast. The explosion of the entertainment industry in Georgia, combined with the low cost of living, has created a magnet for an ever-expanding talent pool of unique writers, producers, filmmakers, playwrights, authors, and other creatives. IN JUST TWO YEARS, PICTURE IT HAS RECEIVED Picture It knows this community - we’ve been personally invested in it since the 90s, making our careers here, and establishing the trust and connections OVER 1000 to identify new voices that are strong enough to punch through. There is an SUBMISSIONS, incredibly deep pool of talent here, but it requires a unique combination of taste, AND DEVELOPED experience, and preparation to not just mine this resource, but cultivate it. That’s what we mean by exclusive access. OVER 80 DISTINCT TELEVISION CONCEPTS Atlanta, our launch-pad, is truly a diverse city - both ethnically and ideologically - allowing for points of view that are more representative of the rest of America. This is reflected in the content that is developed here. Billions in GA Entertainment Revenue 13 12 11 10 TAX INCENTIVE EXPERTISE 9 8 Assumes no change in 7 current rate of growth. 6 5 4 With the support of Picture It principal, Peter Stathopoulos*, we have the 2014 2015 2016 2017 2018 capability and expertise to capture and monetize production and post- production incentives generated by television shows developed and sold by our company at no additional cost to buyers of content, thereby reducing buyer risk. Tax Benefts of Investment in Television Production in Georgia: IN 2017 ALONE, • The Tax Cuts & Jobs Act of 2018 provides accelerated recognition of expenses GEORGIA SAW for investments in film and television productions under IRC § 168(k)(2). • In addition, Georgia law provides for a transferrable income tax credit equal to 30% of the qualified costs of a film or television production in Georgia. The program is one of the most generous in the country, is uncapped, has no sunset $9.5 date, and has no above-the-line limitations or residency requirements. The credit now applies to aspects of television development, including the production of BILLION sizzle reels for television, as well as expenses for writing episodic content in the IN ECONOMIC state. IMPACT • Accordingly, investments in film and television productions in Georgia are significantly tax-advantaged relative to other investments. *Peter Stathopoulos is one of the foremost authorities in Georgia regarding the state’s generous production and post-production incentives and leads a national entertainment incentives consulting and legal practice. ILLUSTRATION OF TAX BENEFITS • Investor invests $100,000 in PIP Television Fund I or Picture It Productions, LLC. • Investor gets to expense/write off 100% of investment, so assuming Investor is subject to the highest federal and Georgia tax rates (37% and 6% respectively), Investor gets a tax benefit equal to 43% of the investment (37+6). Accordingly, of the original investment, only $57,00 is still “at risk” from the standpoint of not being covered by any tax benefit. • In addition, Georgia provides a transferrable income tax credit equal to 30% of the qualified costs of producing sizzle reels. Assuming 70% of the invested funds are used to produce sizzle reels, this creates Georgia tax credits for Investor of $21,000 ($100K x 70% x 30%). Accordingly, when the credits are combined with the accelerated expense benefit, only $36,000 of the investment is not covered by tax benefits (100-43-21=36). • Assume the company merely breaks even and earns $100,000 of income on the original $100,000 investment/ expenses. If the $100,000 is rolled into new television productions under the same assumptions as above, an additional $21,000 in Georgia tax credits are generated, notwithstanding no further capital contribution by Investor. The more times we can roll over the funds, the more Georgia tax credits that can be generated. Caveat: Federal tax reform legislation is very new so the applicability of the expense provisions to sizzle reels is still unsettled. Likewise, the applicability of Georgia film tax credits to sizzle reels is a novel development and the law is still unsettled. Further, the ability to use the write-off and credits at the individual investor level is dependent on an individual’s particular facts and circumstances (e.g., passive loss rules may apply). Accordingly, this illustration should not be regarded as tax advice and investors should discuss the suitability of such an investment with their tax advisors before making any investment decisions based on tax attributes. PARTNERSHIPS WITH HOLLYWOOD Represented by Paradigm talent agency and the law firm of Del, Shaw, Moonves, Tanaka, Finkelstein & Lezcano, Picture It has the relationships necessary to package shows with the best showrunners, producers, directors and talent in the industry. Here are examples of some of our current market-ready packages: Party Girls - A story of a young girl being raised in the Black Panther Party; based on Georgia resident Ericka Brown’s true life story. EP: Laurence Fishburne and Helen Sugland (Black-ish, Grown-ish). Showrunner: Dayna Lynne North (HBO’s Insecure) Over Drawn - An ensemble comedy about the comic book industry. Created by Georgia resident, Van Jensen, writer of DC Comic’s “The Flash” and several indy comics. EP/Director: Jay Baruchel, EP: Doug Robinson (Sony, The Goldbergs) Showrunner: Dan O’Keefe (Silicon Valley.) Taco Tuesday - A female-driven office comedy about a middle management overachiever stuck in a time loop.