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Library Pictures International, the Los Angeles-based film financier backed by Legendary Entertainment, has inked a deal to co-finance South Korean studio CJ Entertainment’s local-language slate in Indonesia, Vietnam and Turkey.
Under the terms of the deal, Library Pictures will finance up to 50 percent of the budget of CJ’s various projects in the three developing markets. No additional financial details were disclosed, beyond that the deal is a “multi-year, multi-picture” agreement.
CJ is now best known in Hollywood as the producer of Bong Joon-ho’s multi-Oscar winner Parasite. In addition to its prolific South Korean content output, though, the studio has been successfully producing and releasing local-language projects in Southeast Asia and Turkey for nearly a decade. In Vietnam, CJ is responsible for six of the country’s top 20 highest-grossing films of all time. In Indonesia, it recently backed Joko Anwar’s horror hit Satan’s Slaves. Many of CJ’s local-language efforts have been remakes of the studio’s own South Korean library titles, such as the Vietnamese hit Sweet 20, a remake of the Korean film Miss Granny.
“CJ Entertainment has been a powerful supporter of creative voices, not only in Korea but in several markets around the world, using their resources and expertise to promote locally-relevant stories and talent,” said David Taghioff, who leads Library Pictures as CEO. “CJ Entertainment has a well-developed and highly-ambitious film business that compliments Library’s mission to amplify the work of talented creators around the world.”
Jerry Ko, CJ Entertainment’s head of international film business, said: “Library Pictures International has an unequivocal understanding of how to model local-language productions and deliver hits. We’re happy to partner with a like-minded company that continues to evolve, create and champion storytelling at the highest level.”
Library, which received an equity investment from Legendary Pictures in 2019, is currently co-financing and co-producing with Legendary two seasons of an upcoming Vikram Motwane Hindi-language YA dark comedy-drama series. The company also serves as an executive producer on the Hindi-language film Harami, which was directed by Shyam Madiraju and will screen in competition at the 2020 Busan International Film Festival.
CAA Media Finance, Evolution Media Capital, and O’Melveny & Myers advised on the deal, which was negotiated with Yeonu Choi and Justin Kim for CJ Entertainment.
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