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Los Angeles-based Library Pictures International has inked a deal to co-finance a slate of Korean-language films with South Korean studio Next Entertainment World, also known as NEW.
Financial terms weren’t disclosed. The agreement was described by the two companies as a three-year, multi-picture financing pact spanning a diverse slate of titles, including finished films, movies currently in preproduction as well as future projects. NEW has a strong track record at the South Korean box office, having produced such hits as Train to Busan, Peninsula and The Great Battle.
The South Korean deal follows a series of financing pacts Library has unveiled in recent months. The company recently announced co-financing deals in Indonesia, Vietnam and Turkey. Library also is currently co-financing and producing with Legendary Global two seasons of Vikram Motwane’s Hindi-language YA dark comedy-drama series to be sold in India; and the company is an executive producer on the Hindi-language film Harami.
In 2019, Library received an investment from tentpole producer Legendary Pictures, which is owned by Chinese conglomerate Wanda Group and whose upcoming releases include Dune and Godzilla vs. Kong.
“The partnership with Library will be a driving force in expanding opportunities for Korean storytellers and accelerate our overall growth,” said Kim Jae-min, president of NEW’s film department. “Leveraging NEW’s existing production, financing and distribution capabilities, we are able to support the Korean film ecosystem on a larger scale, helping bring local creators and IP to the global entertainment arena.”
Added Library CEO David Taghioff: “Korean-language content is in the global spotlight thanks to its vibrant local market and superpower to travel beyond borders. NEW’s great taste, entrepreneurial thinking and terrific relationships, both inside and out of Korea, make them not just a great partner, but one that truly meets the moment. We are incredibly excited to add them to our growing global consortium.”
CAA Media Finance, Evolution Media Capital, and O’Melveny & Myers advised on the deal. The deal was negotiated with Danny Lee and Whitney Kim for NEW.
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