The first Hollywood beneficiary of the government’s brand-new, $700-billion bailout has been revealed: It’s Marvel Entertainment. The superhero studio just announced that it plans to make its next four movies at Manhattan Beach’s Raleigh Studios, which will provide a nice boost to the Los Angeles area’s economy.
Marvel was trying to make those movies in LA anyways since Iron Man 2 director Jon Favreau has a clause in his contract that his films be shot near home. But last summer, they tried to get the Governator to make their in-house production worth their while. (read: pass some tax breaks that would make shooting in Cali cheaper and more profitable for Marvel.)
As we, and others, have noted before, unlike other states like New York, California does not offer tax incentives to film and TV productions in order to keep them in-state. As a result, a number of movies and TV shows have decamped for cities with better deals.
Fortunately, Congress saved the day by including some sweet Hollywood tax breaks in Hank Paulson’s $700 billion bailout.
So it was no surprise to us that just days after the bailout passed, Marvel announced it would be shooting its next four films in California. The superhero studio’s plan should help Marvel and its new distributor Paramount keep costs low and profit high, not to mention inject some much needed dollars into California’s economy less than a week after the Governator asked for his own $7-billion bailout.
P.S. Buried in the announcement, by the way, were the release dates for Marvel’s next four films:
- IRON MAN 2 on May 7, 2010
- THOR on July 16, 2010
- THE FIRST AVENGER: CAPTAIN AMERICA on May 6, 2011
- THE AVENGERS on July 15, 2011.
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