THE WRAP: Streamline Global Names Ryan Smith Head President of Production and Development

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Film and TV producer Ryan D. Smith has been named president of production and development at Streamline Global, the company announced Thursday.

The genre title producer (‘The Box Cutter,” C. Thomas Howell’s “The Rack Pack”) has tapped Smith to oversee both the film and TV slates.

“Ryan’s production expertise and vast network make him a valuable partner. Streamline’s mission is to utilize our financial model to uplift global consciousness, and we are thrilled to be growing with a seasoned producer whose values are in alignment with our own,” said Emily Hunter Salveson, Streamline’s founder and CEO.

VARIETY: Streamline Global Group Film Launches With Federal Tax Incentive Credit (EXCLUSIVE)

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by Dave McNary

The expired federal production tax incentive — known as Section 181 of the Internal Revenue Code — remains alive, thanks partly to the efforts of veteran financier Emily Hunter Salveson.

She’s launched Streamline Global Group Film with a dozen projects made up exclusively of movies grandfathered under IRC 181. That provision allows producers to deduct up to $15 million of the expenses from movies and TV shows in the year that production starts, rather than having waiting until a project is released.

None of the 12 films are completed, but they qualify for the tax credit — which was not renewed by the U.S. Congress at the start of 2017 — because some production has already taken place. The provision, enacted in 2004 as part of the American Jobs Creation Act, was designed to stem the flow of runaway production to foreign countries offering tax breaks to lure away American productions.

The films on Streamline Global Group Film Fund’s grandfathered Section 181 slate include:

— “Change of Heart,” based on the New York Times bestselling novel by Jodi Picoult with producer/UTA founding partner Cynthia Droke.

— “Come Home” with British director Ben Charles Edwards.

— “Angels in the Sky,” produced by former Paramount executive Mike Flint and written by Robert Pool (“Armageddon”). The story is set in 1948 in the wake of Israel’s declaration of independence, which led to overseas pilots and crews entering the fledgling Israeli Air Force during the subsequent nine-month war for independence.

Salveson is executive producing the projects, along with attorney Hal “Corky” Kessler of the Chicago law firm Deutsch, Levy & Engel — a specialist on the federal tax break. She’s started meeting with potential investors and has opened an office in West Hollywood for Streamline.

In order to qualify, 75% of the film must be shot in the U.S. The IRC 181 tax deduction applies to the first $15 million of a movie’s budget, and it can be combined with other state and federal tax benefits that provide additional capital to the film. The football drama “Greater” and Jonathan Winters documentary “Certifiably Jonathan” used the provision.

“We have developed new financial models to attract capital that would otherwise be unavailable to the film industry,” Salveson said. “Films are the byproduct of the comprehensive tax planning strategies we employ for our clients.”

Salveson founded EHS Media Capital in 2015 and completed its first film finance deal in 2015 with the Civil War drama “Union Bound,” starring Oliver Stone’s son Sean Stone.

Salveson told Variety that it’s likely that newer films will not be eligible for this type of funding. “We believe Hollywood should advocate for the renewal of IRC 181 for the benefit of the entire entertainment industry,” she added.

Salveson comes from a legacy of notable financial industry figures. She’s the granddaughter of Melvin Salveson, the creator of MasterCard, and the great-grandniece of Gerald Loeb, the co-founder of E.F. Hutton, who was involved with financing “Run Silent, Run Deep” and “The Fountainhead.”

Read the original article on VARIETY here. 

INVESTOR'S BUSINESS DAILY: How Loeb Won the Game of Love and Helped Others Find Passion in Business

ORIGINAL ARTICLE published in print version, Investor's Business Daily 

BY David Saito-Chung

Emily Salveson has looked to Gerald Loeb for inspiration to thrive and make a difference in business. But only recently did she discover that Loeb looked up to another influential figure in his quest to find true love.

That figure? Ayn Rand.

Salveson, a West Hollywood-based filmmaker and the great grandniece of Gerald and Rose Loeb, found letters shared between Loeb and the famous author and 20th-century philosopher. Their friendship was so deep that Loeb sought her advice on finding a girl to marry.

“She was blunt.” Salveson says. “Rand told Loeb to avoid women of high society because they were all ‘bored and boring.’”

“The only difference between women who sat in expensive tea salons in New York City and those who walked by these places was what they ordered on the menu.” Rand wrote “instead, find something you’re interested in, then meet people who have that same interest.”

It’s not clear how Loeb met his future bride. According to Laura Salveson, Emily’s mother and self-professed “keeper of the family lore,” the two met while visiting a mutual friend in a hospital.

“He was vulnerable and a bit insecure about finding love, and was so overjoyed to find it in my great-grand-aunt Rose,” Emily says. “It was endearing, his ability to move mountains and still feel vulnerable about finding ‘the one.’”

Jack Warner, famed former co-head of Warner Bros., and Rand succeeded in getting Loeb to executive-produce The Fountainhead, based on Rand’s novel. Rand also shaped a script for the film.

In some ways, the two couldn’t have been more different. Rose had already married twice. She had been a big personality. Loeb constantly read. He was an excellent listener. “Rose was boisterous. I think he was a cerebral introvert,” Laura says. “Gerald could seem scary, unapproachable. He wore thick glasses.”

Yet there was no question that Loeb treated his family with affection.

According to Laura, at the Loebs’ “Sliding Shutters” country house in Connecticut, the couple spent time with a pair of well-groomed poodles, one of which was named Gorgeous George.

A pair of married Swedish servants would move furniture outside so Loeb and Rose could have lunch in the fresh air.

They frequently entertained Emily’s father, Kent, and his mother, Joan - the daughter of Rose’s sister Anita - on the weekends. Kent remembers his grand-uncle Gerald placing him on his knee while the family watched the movie Run Silent, Run Deep in the house’s screening room.

“Gerald had a bowling alley, and it made for a lot of fun,” Kent says. “Me, my brother and the dogs would hike all over the properties, its streams and trails. The trees didn’t quite have tree houses, but they had observation decks.”

Emily never met Gerald in person, but feels a strong connection with him in her desire to be the latest in a long family line of what she calls “financial industry disruptors.”

After majoring in English at the University of San Diego and studying film for two years at UCLA, Emily asked, “How do I express what I came from?” She then realized that the entertainment industry is fraught with risk for investors because the potential for a positive return depends so heavily on whether the film is a hit or a flop.

“I want to make the film business safe,” Emily says. So with the help of her father Kent, her production company, Streamline Global Group, allows high net worth investors to get a valuable tax credit based on IRS Section 181, which can completely offset the money put up for the film.

Kent, one of Streamline Global’s two tax experts, explains how this potential win-win deal works: A producer spends $1 million on a new film but needs another $200,000 to do some extra work on editing, marketing and distributing ends. A producer can offer to sell the project to someone for $1.2 million. The buyer, in turn, spends just $200,000 to get a $1.2 million tax benefit that could reduce overall taxable income.

Kent helped his daughter create this unique business model for the movie business after a long and fruitful career developing affordable housing in the Los Angeles region. The spark? When working as a young accountant at Cooper & Lybrand, he was assigned a client seeking to build housing units while taking advantage of low-income housing credits under Section 42 of the IRS code.

At the end of 2017, the special tax credit for films ended, but Emily was able to complete 100 deals that were grandfathered in. Six films have been fully financed in the past year. The typical budget runs from $1 million to $10 million, but a few with a budget of $15 million are also on the slate. IRS code 181 caps the tax deduction at $15 million, but Emily’s film company can still finance films with larger budgets.

“Now we’re the only ones doing it,” she says.


 

 
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