LA-based Hilltop Entertainment and Korea's Media Film International (MFI) have sealed a $50m production, financing and distribution deal to deliver five action films with an average budget of $10m per picture.
The two companies will jointly finance the films through direct investment and from a previously agreed financing facility arranged between Hilltop and UK-based Future Film Group.
All five films will be UK-Canada-Korea co-productions on which physical production will be overseen by Matchlight Pictures out of Canada and Studio 8 in the UK. MFI's two Seoul-based CGI partners WOW Co and G-Company will create the special effects for the films.
Worldwide distribution of the films will be handled by both MFI and Hilltop with individual territorial responsibilities announced as the films are produced.
First film to go into production is mythological actioner Elemental Fury based on an original concept involving the four elements of nature which are central to Japanese and Asian cultures.
Jeff Rothenberg (A Simple Wish, Bogus) has written a second picture called Lost In The Game. Both films are scheduled to start production in early 2001.