Teutonic turmoil spawns careful newbies. (Global entertainment finance: local distribs show optimism while continuing to spend cautiously).(Germany)

BERLIN Germany's distribution market remains fluid three years after the Neuer Markt crash but local distribs such as Constantin and Tobis have powered on, taking up some of their fallen rivals' slack.

Constantin has benefited from its distribution pact with leading German web RTL, while Tobis has gone against the grain and continued to pre-buy carefully selected titles, which last year included Oscar winners "The Pianist" and "Talk to Her."

On average, local distribs are paying 9% of the budget for films in what is still very much a buyer's market.

"We are very conservative," says Tobis topper Kilian Rebentrost. "Producers have to be more open, …