Gold Circle Films hasacquired remake rights to Johnnie To action movie Breaking News from Hong Kong's Media Asia.
The film, about a policestakeout that turns into a live televised event, screened in anout-of-competition slot at the Cannes film festival in 2004.
Gold Circle president PaulBrooks will produce the project. Executive producing are Gold Circle's NormWaitt and Scott Niemeyer along with Peter Anshin. Gold Circle's vice presidentof production, Zak Kadison, brought the project into the company and willco-produce.
Under the terms of the deal,Media Asia will participate in the gross revenues of the resulting film, inaddition to payment for the remake rights.
"From a financialstandpoint, we participate in a real way," said Media Asia distribution chiefJeffrey Chan who negotiated the deal. "Gold Circle has crafted a veryforward-thinking deal and the first one of its kind."
Gold Circle is alsofinancing a remake of Hong Kong horror title The Eye 2, which will be called In-Utero. The company will co-produce with VertigoEntertainment and release through New Line.
One of Hong Kong'sbest-known directors, To returned to Cannes this year with triad drama Election which screened in competition. His upcoming projectsinclude a follow-up to Election,which is being sold here by Celluloid Dreams, and Exiled, a follow-up to The Mission, which Media Asia is handling.