Paramount, South Korea's Lotte in Distribution Deal
The new arrangement is expected to give the studio wider reach in the Korean market via the country's second-largest exhibition group.
Viacom's Paramount Pictures on Wednesday unveiled a long-term distribution agreement with South Korean distributor and exhibition company Lotte Entertainment in a move designed to boost the presence of films from the Hollywood studio in the Asian country.
The first batch of Paramount films to be handled by Lotte will hit local theaters in July.
Lotte Entertainment is part of Lotte Group, which also owns the country's second-largest multiplex theater group, Lotte Cinema. Lotte Cinema operates 738 screens nationwide, including the world's largest and Guinness Book of Records-breaking one at the Super Plex G complex. It is housed in the World Tower in Seoul and is also Asia's largest cinema. The record-breaking screen is 34 meters wide and 13.8 meters high and is in an auditorium with 622 seats.
Lotte will distribute upcoming Paramount titles, including Terminator Genisys on July 2 and Mission: Impossible 5 on July 30. Terminator Genisys has made headlines in Korea for starring one of its own, Asian superstar Lee Byung-hun, opposite Arnold Schwarzenegger, while Tom Cruise has long been a favorite of Korean movie fans. He was even made an honorary citizen of the Korean city of Busan.
"We very much look forward to beginning this long-term arrangement with Lotte and know that they will bring a tremendous amount of enthusiasm, along with their expert marketing and distribution capabilities, to every one of our upcoming films set for release in Korea," said Mark Viane, Paramount’s co-president of international theatrical marketing & distribution.
Cha Won Chun, CEO of Lotte Entertainment, said: "We are delighted to partner with Paramount Pictures for the continued growth of its compelling franchise in Korea. I believe that together we will be in the best position to introduce more of Paramount's exciting slate to local audiences."
Financial terms of the deal weren't disclosed.