Michael Cerenzie and Christine Peters' ambitious Paramount-based CP Productions has signed a first-look deal with Tim Kwok's Convergence Entertainment.

The alliance will focus on acquiring remake rights to Asian entertainment properties. Beyond that, CP is keen to expand its reach in the region and is scouting satellite offices in Japan, Hong Kong, Thailand and South Korea.

Last week CP's genre chief Eric Thompson and Kwok secured remake rights to Five-Star Entertainment's hit horror franchise Art Of The Devil.

'We found an immediate synergy and a shared vision with Tim of the future of successful films and games aimed at the under-25 male and female demographic,' Cerenzie, who produced Before The Devil Knows You're Dead and is working on Sidney Lumet's prison break film Getting Out, said Cerenzie.

'A lot of these properties can stand as tentpoles, just as Infernal Affairs was adapted into The Departed or Tranformers was developed for the big screen,' Peters added.

CP Productions has set up the Midway Games videogame adaptation Area 51 at Paramount and is developing another game, Joust.

CP recently announced a $100m co-production deal with Wes Benton's Mississippi-based Ghostrider Entertainment to produce genre films in the $8m-$20m range.

Kwok is working on Gordon Chan's action title King Of Fighters and Martin Weisz' thriller Clock Tower.