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I've been thinking for a while about financing or leasing a camera and then renting it out to agencies to pay for the monthly cost. I know at least 3 people who do this, but I'm unsure if it is a good idea. Do you rent out your camera? Did you purchase your camera with renting it out in mind? A little ranting and thinking out loud here: The hardest thing for me getting in to film these last 2 years has been dissociating personal cost impressions from business cost impressions. $100 in my personal account is a ton of money. But, $100 in my business account is now seen as next to nothing. I don't wait a couple of days to purchase a few hard drives for a project because of the sticker shock. The difference makes sense because business expenses are not expenses after revenue has been accounted for. In other words, it's not an expense on profit in my personal account. With personal cost impressions in mind, people don't flinch when buying and making payments on a new car, even when that car is $12,000 on up. Why should I flinch when buying a cinema camera in the same price range, especially if it is a business cost, rather than a personal cost? To add to that, aren't higher budget cameras more likely to get rented out? And, if they are more likely to get rented out, does the money gained from renting it out offset the cost of leasing it to the point that it ends up being less expensive than a lower budget camera? I'm torn between getting an Eva-1 or C200 or jumping and getting the recently-price-slashed Varicam LT or a Red. This is not about "expensive camera = more work." It's about making work less like work. Shooting on durable cine cameras that have great color and are easy to edit in post makes me happy. I hate messing with loose Metabones mounts, poor codecs, gross colors, and "fixer" LUTs. All those issues are just barriers to the fun of camera work. Having a camera that pays for itself in renting it out to people while also giving me the joy of filming (that I'm guessing everyone here shares) sounds worth it to me. Have you made this jump? Was it worth it? What should I be considering when thinking about this?
Saban Capital Acquisition Corp. (NASDAQ:SCAC) (“Saban Capital Acquisition Corp.”), a publicly traded special purpose acquisition company, Panavision Inc. ("Panavision"), and Sim Video International Inc. ("Sim") announced today that the companies have entered into a definitive business combination agreement to create a premier global provider of end-to-end production and post-production services to the entertainment industry. The combined company will be well positioned to capitalize on the continued growth of content production spending and enhance the scope of service offerings to its customers. Under the terms of the business combination agreement, Panavision and Sim will become wholly-owned subsidiaries of Saban Capital Acquisition Corp. Immediately following the proposed transactions, Saban Capital Acquisition Corp. intends to change its name to Panavision Holdings Inc. (the “Company”) and is expected to continue to trade on the Nasdaq stock exchange. Headquartered in Woodland Hills, California, Panavision is an iconic designer, manufacturer and provider of high precision optics and camera technology for the entertainment industry and a leading global provider of production-critical equipment and services. Headquartered in Toronto, Canada, Sim is a leading provider of production and post-production solutions with facilities in Los Angeles, Vancouver, Atlanta, New York and Toronto. The transaction reflects a valuation for the combined entity of $622 million (inclusive of debt) or approximately 5.9x fiscal year 2018 estimated Adjusted EBITDA. The cash component of the purchase price to be paid to the equity holders of Panavision and Sim will be funded by Saban Capital Acquisition Corp.’s cash in trust, which is approximately $250 million, a $55 million private placement of common stock at $10.00 per share secured from a mix of premier institutional investors as well as an affiliate of Saban Sponsor LLC and newly raised debt financing. Upon the closing of the proposed transaction, Kim Snyder, President and Chief Executive Officer of Panavision will serve as Chairman and Chief Executive Officer, and Bill Roberts, Chief Financial Officer of Panavision, will serve in that role for the combined company. “We are excited to partner with Kim along with the Panavision and Sim teams to capitalize on the explosive growth in content spending,” commented Haim Saban, Chairman of Saban Capital Acquisition Corp. He continued, “Advancements in technology and the emergence of streaming have fundamentally changed how consumers watch and discover content. This is driving significant growth in the market for production and post-production services. This secular trend creates a tremendous opportunity for Panavision to leverage its leading technology and pursue opportunistic acquisitions to grow in a manner that is agnostic to the content creator and distribution channel.” Adam Chesnoff, President and Chief Executive Officer of Saban Capital Acquisition Corp., commented, “This transaction creates a leading global platform ideally positioned to capitalize on the rapid growth in content production. The combination of these two companies will create the foremost provider of end-to-end production and post-production services. Combining this platform with Saban’s wide-ranging global media relationships, experience in production, and successful track record of creating value for its partners, will position the Company to accelerate growth and pursue complementary acquisitions. We are excited about the potential.” “For nearly 65 years, Panavision has proudly served the entertainment industry providing cutting-edge equipment and exemplary service to support the creative vision of our customers,” says Kim Snyder, Chairman and CEO of the combined company. “This acquisition will leverage the best of Panavision’s and Sim’s resources by providing comprehensive products and services to best address the ever-adapting needs of content creators globally. These complementary companies subscribe to the same strategic vision: to support our customers as the category-defining provider of end-to-end production and post-production services.” “Combining the talent and integrated services of Sim with two of the biggest names in the business, Panavision and Saban, will accelerate our strategic plan,” added James Haggarty, President and CEO of Sim. “The resulting scale of the new combined enterprise will better serve our clients and help shape the content-creation landscape,” continued Haggarty. The respective boards of directors of Saban Capital Acquisition Corp., Panavision and Sim have unanimously approved the proposed transactions. Completion of the proposed transactions are subject to Saban Capital Acquisition Corp. stockholder approval, certain regulatory approvals and other customary closing conditions. The parties expect that the proposed transactions will be completed in the first quarter of 2019. For additional information on the proposed transaction, see Saban Capital Acquisition Corp.’s Current Report on Form 8-K, which will be filed promptly and can be obtained at the website of the U.S. Securities and Exchange Commission (“SEC”) at www.sec.gov. Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC are serving as financial advisors, capital markets advisors and private placement agents and Skadden, Arps, Slate, Meagher & Flom LLP and Dentons Canada LLP are serving as legal advisors to Saban Capital Acquisition Corp. Houlihan Lokey, Inc. is serving as financial advisor, Citi is serving as Capital Markets Advisor, and Kirkland & Ellis, LLP and Osler, Hoskin & Harcourt LLP are serving as legal advisors to Panavision. Marckenz Group Capital Advisors is serving as financial advisor and Stikeman Elliott LLP is serving as legal advisor to Sim.
Move Expands Company’s Footprint into Canada as Denny Clairmont Retires Keslow Camera, the largest privately held motion picture camera equipment rental house in North America, announced today that it is acquiring Clairmont Camera and its Vancouver and Toronto operations. The move will more than quadruple Keslow Camera’s anamorphic and vintage lens inventory, and add a substantial range of custom camera equipment to the company’s extensive portfolio. Simultaneously, Clairmont founder Denny Clairmont, one of the industry’s most respected talents in front and behind the camera, announced his retirement. The acquisition is expected to be complete on or before August 4. Company Founder and CEO Robert Keslow said, “This acquisition perfectly aligns with Keslow Camera’s mission – to never stop growing, never stop learning, and never stop improving. The expansion into the two busiest Canadian markets delivers on our clients’ ongoing requests for us to service them in more areas of the world.” Keslow Camera will retain the talented support staff and experienced team of Clairmont’s Vancouver and Toronto facilities, who have been offering professional digital and film cameras, lenses and accessories to the filmmaking community in the region since the 1980s. All operations within California will eventually be consolidated to Keslow Camera’s headquarters in Culver City. Clairmont notes that this deal also serves as his endorsement. “Clairmont Camera is my life’s work and I never stopped searching for innovative ways to serve our clients. I have long respected Robert Keslow and the team at Keslow Camera for their integrity, quality of management, best-in-class customer service, and successful performance. I am confident they are the right company to honor my heritage and founding vision going forward,” says Clairmont. Denny Clairmont, along with his brother, Terry, established one of the world’s most prestigious movie equipment and camera rental companies in 1976. In 2011, Clairmont received the John A. Bonner Medal of Commendation from the Academy of Motion Picture Arts and Sciences (AMPAS), awarded by the Academy Board of Governors upon the recommendation of the Scientific and Technical Awards Committee. The Medal honors outstanding service and dedication in upholding the high standards of the Academy. Clairmont and Ken Robings won a Technical Achievement Award from the Society of Camera Operators (SOC) for the lens perspective system, and Clairmont has won two Emmys from the Academy of Television Arts and Sciences for his role in the development of special lens systems. These innovative solutions will immediately be available to Keslow Camera customers. “We are honored to have earned Denny Clairmont’s trust, and recognize the work and innovation that he and his great team have brought to the industry over the past 70 years,” added Keslow’s Chief Operating Officer Dennis McDonald. “To be able to offer our personalized level of service in more locations, with a wider range of technology to serve the needs of the creative community, we’re poised to elevate the Keslow experience for current and new customers.” For more information, visit www.keslowcamera.com.