SEOUL — Korean producer-distrib Taewon Entertainment is closing a deal with Miramax to remake Korean martial arts hit “Bichunmoo.”
The two companies are at the first-look stage and expect to begin formal negotiations in August when the script is completed. Taewon has been the exclusive distributor of Miramax films in Korea for five years.
The $7 million pic will be an enhanced version of last summer’s B.O. smash, with the same director, Kim Young-jun.
Project, based on a famous Korean comicbook series about ill-fated lovers living at the end of the Yuan Dynasty, will feature Korean, Chinese and Hong Kong actors. Taewon and Miramax will split production costs and distribution rights.
The two companies began discussing the deal at the Cannes Film Festival, where Miramax bought North American rights to “Bichunmoo” from foreign sales agent Cinema Service. Miramax execs cited the success of “Crouching Tiger, Hidden Dragon” in the U.S. as a key reason for its interest in the remake.