Route One Films Enters $110 Million Korean Entertainment Partnership
The South Korean government, CJ E&M, Lotte Entertainment and Sovik Venture Capital round out the participants.
Route One Films has entered into a $110 million film and television fund partnership with the South Korean government, CJ E&M, Lotte Entertainment and Sovik Venture Capial to form the Sovik Global Contents Investment Fund -- the largest entertainment fund inKorean history.
Per the partnership, Route One -- led by managing partners Jay Stern (Rush Hour, Horrible Bosses), Russell Levine and Chip Diggins (AWOL) -- will produce a slate of films financed by the fund that are intended for U.S. and international audiences. They will be thrillers, comedies and action pics budgeted in the $15 million to $30 million range.
The new fund also will finance international co-productions and a slate of Korean-language television dramas to be distributed throughout Asia. Route One will co-produce and consult on those projects, while CJ E&M and Lotte Entertainment will handle Asian distribution.
"This marks a new era in cooperation between the Hollywood film industry and the Korean film community," Stern said. "The South Korean film industry and the South Korean government are worldwide leaders in finance, distribution and exhibition of films throughout Asia."
Sovik president Park Hyun Tae said Route One is an ideal partner to help bring Korean content to international audiences.
A development, finance and production company, Route One is based in Los Angeles and San Francisco.