Korean media group Next Entertainment World has partnered with L.A.’s Library Pictures International, signing a three-year co-financing slate for the production of Korean-language films.
A “global local-language content financier focused on industry-leading storytelling,” Library is looking, with NEW, to capitalize on opportunities in the world’s fifth-largest film market, cultivating a diverse set of projects with appeal to Korean locals, with the baked-in potential for remakes in the U.S. and elsewhere.
Under terms of the arrangement, Library’s investment will go into already finished films, projects currently in development, and those that will be developed by NEW over the course of the next three years.
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“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 the film department at NEW. “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.”
Box office hits produced by NEW to date include Train to Busan, Peninsula and The Great Battle. Expanding its portfolio after an investment from global entertainment company Legendary Pictures (Dune, Godzilla vs. Kong) in 2019, Library also recently announced co-financing deals in Indonesia, Vietnam and Turkey.
CAA Media Finance, Evolution Media Capital, and O’Melveny & Myers advised on the deal between Library and NEW. Danny Lee and Whitney Kim represented NEW in the negotiations.
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