Financier Library Pictures International and Korean studio CJ Entertainment, producer of the multi-Oscar winner Parasite, have entered into a multi-year, multi-picture slate co-financing deal covering local-language film productions in Indonesia, Vietnam and Turkey.
Under terms of the deal, Library will fund up to 50% of the budget of CJ Entertainment-led local-language productions in each of the three growing markets.
CJ Entertainment has actively expanded its presence in Southeast Asia and Turkey, producing such films as Satan’s Slaves, the highest-grossing horror film of all time in Indonesia; six of the top 20 local films in Vietnam, including Sweet 20, one of their highest-grossing films of all time, and a re-make of their hit Korean film Miss Granny; and investing in and distributing hit films Aile Arasinda and Kogustaki Mucize in Turkey in the last couple of years.
“CJ Entertainment has been a powerful supporter of creative voices, not only in Korea but in several markets around the world, using their resources and expertise to promote locally-relevant stories and talent,” said David Taghioff, who leads Library from its Los Angeles headquarters.
He continued: “CJ Entertainment has a well-developed and highly-ambitious film business that compliments Library’s mission to amplify the work of talented creators around the world.”
Jerry Ko, CJ Entertainment’s head of international film business, said: “Library Pictures International has an unequivocal understanding of how to model local language productions and deliver hits. This multi-picture deal builds upon the unique strengths of CJ Entertainment and Library with a strategic investment for the future. We’re happy to partner with a like-minded company that continues to evolve, create and champion storytelling at the highest level.”
Library, which in 2019 announced an investment by Legendary Pictures, is currently co-financing and producing with Legendary Global two seasons of Vikram Motwane’s Hindi-language YA dark comedy drama series to be sold in India. The company also serves as an executive producer on the Hindi-language film Harami, which was directed by Shyam Madiraju and will screen in competition at the 2020 Busan International Film Festival.
CAA Media Finance, Evolution Media Capital and O’Melveny & Myers advised on the deal, which was negotiated with Yeonu Choi and Justin Kim for CJ Entertainment.