SEOUL — Twentieth Century Fox and major Korean distributor Showbox have agreed to a partnership on the financing and distribution of Korean films.
The two sides concluded a letter of intent that could lead to the first-ever co-financing of Korean product by the head office of a Hollywood major studio.
Fox also will serve as worldwide distributor of selected co-financed films, although the studio is not considering distributing Showbox titles in which they have not invested.
Details concerning specific titles to be financed are still under negotiation. However, the hope is that this could lead to more wide-ranging cooperation.
Meanwhile, Showbox has created an Intl. Business and Development division to focus on these and other international co-productions.
The division will be headed by Steve Lee, who previously oversaw the Beijing office for exhibitor Megabox, a sister company of Showbox. Other team mem-bers include acquisition executive Chris Lee, Young-hong Chung and Chris Chang.
Showbox is participating as a co-investor in John Woo’s “Red Cliff,” as well as Japanese distributor Cine Qua Non’s “We Shall Overcome Someday: Love and Peace.”