The groundbreaking deal will also give CJ access to Fortissimo’s library of more than 250 features, which grows by about 20 titles per year. Over the past few years, Fortissimo started to acquire and manage existing libraries on behalf of independent producers and directors, including those of Wong Kar Wai’s Jet Tone, Killer Films, Hart Sharp Entertainment and directors Jim Jarmusch and Hal Hartley.
CJ is a major player in the Korean market. The 10-year-old company’s filmography includes such critically acclaimed fare as “Thirst,” which won the Jury Prize at this year’s Cannes Film Fest.
The two companies also hinted that they will partner in the near future to co-develop, co-finance and co-produce a series of Asian-focused projects.
Discussions between the two companies had originally commenced before the death of Fortissimo’s founder Wouter Barendrecht earlier this year.
Deal was negotiated by Fortissimo’s Michael Werner and Katharine Kim and CJ’s Mike Suh and Eric Kim.
Werner said the pact gives Fortissimo access to additional revenue opportunities from the Korean marketplace and helps build Fortissimo brand awareness there.
“It is a fantastic opportunity and a great honor for us to be able to work with and through the CJ Entertainment team and have access to the incredibly vibrant and evolving Korean marketplace,” Werner said. “By joining forces with CJ Entertainment, we partner with one of the largest and most progressive media conglomerates in Korea.”