South Korean distributor Cinema Service’s prexy Kim In-soo and four board members have resigned after a spate of underperforming films.
Meanwhile, the industry is taking the news as a sign that founder Kang Woo-suk will reassume control of the company and push for its revival. The producer-director was not long ago considered the most powerful figure in the industry.
Kang says that substantive plans will be released soon and that he has not yet formally accepted the resignations.
Earlier this fall Kang unveiled a $53 million film investment fund with his name on it.
Cinema Service is 40% owned by formal rival CJ Entertainment, which represents the former’s pics in the international market.
Although topping $84 million with “King and the Clown,” released last December, 2006 has been a disappointment for Cinema Service.
Features “Lost in Love,” “Sunday Seoul,” “The Customer Is Always Right,” “Love Phobia,” “Fly High” and “Puzzle” all flopped, although “Radio Star,” by “King and the Clown” helmer Lee Joon-ik, earned a decent $12.5 million.