Korea’s Next Entertainment World (NEW) has signed a slate co-financing deal for Korean-language films with Los Angeles-based Library Pictures International.
Under the three-year, multi-picture deal Library will invest in finished films, films currently in pre-production and projects developed over the course of the arrangement. The focus, said the companies, will be on “a diverse slate with wide appeal to local filmgoers and the potential for locally relevant remakes in the US and throughout the world.”
NEW, which over the past decade has expanded from film investment and domestic distribution into film, TV drama, music, theatre, sports and performance, has produced Korean hits including Train To Busan, Peninsula and The Great Battle.
Local language content financier Library, which in 2019 got an investment from production group Legendary Pictures, has recently signed co-financing deals in Indonesia, Vietnam and Turkey.
NEW film department president Kim Jae-min said: “The partnership with Library will be a driving force in expanding opportunities for Korean storytellers and accelerate our overall growth. 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.”
Library CEO David Taghioff added: “Korean-language content is in the global spotlight thanks to its vibrant local market and superpower to travel beyond borders. 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.”