SEOUL/LOS ANGELES (March 17, 2021) – Korean media group NEXT ENTERTAINMENT WORLD (“NEW”) and Library Pictures International (“Library”), a global local-language content financier focused on industry-leading storytelling, have signed a three-year multi-picture co-financing production slate for Korean-language films.
Capitalizing on the opportunities in Korea, the fifth largest film market, the companies will focus on a diverse slate with wide appeal to local film-goers and the potential for locally-relevant remakes in the U.S. and throughout the world. Under the terms of the deal, Library’s investment will include finished films, films currently in pre-production, as well as projects developed over the course of the next three years. NEW has produced such box office hits as TRAIN TO BUSAN, PENINSULA, and THE GREAT BATTLE.
“The partnership with Library will be a driving force in expanding opportunities for Korean storytellers and accelerate our overall growth, said Kim Jae-min, President of NEW’s film department. “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.”
“Korean-language content is in the global spotlight thanks to its vibrant local market and superpower to travel beyond borders,” said Library CEO David Taghioff. “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.”
In 2019, Library announced an investment by global entertainment company Legendary Pictures, whose productions include the upcoming DUNE and GODZILLA VS. KONG, plus the global box office successes GODZILLA, KONG: SKULL ISLAND and DETECTIVE PIKACHU, among many others. Library recently announced co-financing deals in Indonesia, Vietnam, and Turkey. In addition, the company 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. Library also serves as an executive producer on the Hindi-language film HARAMI.
CAA Media Finance, Evolution Media Capital, and O’Melveny & Myers advised on the deal. The deal was negotiated with Danny Lee and Whitney Kim for NEW.
ABOUT NEW
NEXT ENTERTAINMENT WORLD (NEW) started out as a film investment and domestic distribution company in 2008. Since its foundation, NEW has successfully expanded its businesses to film, TV drama, music, theater, sports and performance. Taking a lead in the Korean entertainment industry, NEW continues to develop creative and original content with commercial and artistic values. With its consistent accomplishments, NEW successfully debuted in the stock market in 2014.
ABOUT LIBRARY PICTURES INTERNATIONAL
Los Angeles-based Library Pictures International (Library) is a global local-language content financier with a focus on supporting industry-leading storytellers around the world by investing in local production slates.
Media Contacts:
For NEW
Minji KIM (NEW)
[email protected]
Seongrok LIM (NEW)
[email protected]
For Library Pictures International
Missy Davy (CAA)
[email protected]
