Route One Films has entered into a $110 million film and television equity fund partnership with the South Korean government, CJ E&M, Lotte Entertainment and Sovik Venture Capital to form the Sovik Global Contents Investment Fund, the largest entertainment fund in Korean history.
Led by managing partners Jay Stern (“Horrible Bosses”), Russell Levine and Chip Diggins (“AWOL”), Route One will produce a slate of films financed by the SGCI fund. In an effort to court both U.S. and international auds, the slate will include thrillers, comedies and action films budgeted in the $15 million to $30 million range.
In addition, the fund will finance international co-productions and a slate of Korean-language TV dramas to be distributed throughout Asia. Route One will also co-produce and consult on international co-productions financed by the fund. CJ E&M and Lotte Entertainment will handle Asian distribution.
“Route One Films is an ideal partner to help the Korean content industry travel overseas, especially to the U.S.,” said Sovik prexy Park Hyun Tae. “This partnership opens the door for many of Korea’s finest talent, production companies and post-production facilities. This is a win/win partnership for both sides.”
“This marks a new era in cooperation between the Hollywood film industry and the Korean film community,” Stern said. “The South Korean film industry and the South Korean government are worldwide leaders in finance, distribution and exhibition of films throughout Asia. This partnership with Route One will further open an avenue to Hollywood creativity and talent that will expand the content side of the Korean industry.”
“We are very fortunate to be involved with three of the most active and talented film companies in Asia in Sovik, Lotte and CJ E&M,” Diggins added. “We’re very excited about the development slate we’ve already created and look forward to seeing our projects come to life on film.”
A development, finance and production company based in Los Angeles and San Francisco, Route One will continue to develop films to produce or co-finance with other American and foreign partners. Route One development head Megan Hughes will be involved in both Korean-based and American-based projects. The company currently has a development slate of 16 projects and plans to make up to two films a year.