Korea’s NEW Strikes Multi-Picture Deal With Library Pictures
Korean outfit Next Entertainment World (NEW) and financier Library Pictures International have signed a three-year co-financing deal covering a slate of Korean-language films. The companies say the pact will focus on making diverse titles with appeal for local filmgoers as well as the potential to be harnessed for remakes in the U.S. and around the world. Next Entertainment World’s projects to date include Train To Busan, Peninsula and The Great Battle. Library has investments in Legendary Pictures and operates co-financing deals in Indonesia, Vietnam, and Turkey. 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.
“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.”
“Korean-language content is in the global spotlight thanks to its vibrant local market and superpower to travel beyond borders,” added Library CEO David Taghioff. “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.”
New Zealand Film Commission CEO To Depart
Annabelle Sheehan, the CEO of the New Zealand Film Commission (NZFC), has decided to leave her post after three years. Sheehan has been undergoing treatment for breast cancer over the past six months and has decided to return to her native Australia to complete her treatment and focus on her family, the org said. She will leave on May 21, 2021, and the search for her replacement will begin next week. Her legacy includes championing diversity initiatives and expanding the backing of high-end TV development in the country, as well as steering the industry through the pandemic disruption.
Russell T Davies Receives Canneseries Excellence Award
It’s A Sin creator Russell T Davies has received the Canneseries excellence award ahead of the TV event’s fourth gathering on October 8-13. Davies said: “I am absolutely honoured to have this. I didn’t realize that it’s the first time it’s being given to a showrunner. And I completely agree, not with me but with recognizing the job.” It follows the writer winning an outstanding achievement award from the UK’s Royal Television Society this week.
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