You will be redirected back to your article in seconds

Route One partners on Korea fund

Company will produce films financed by $110 million fund

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.

More Film

  • Berlin Film 'The Ground Beneath My

    Berlin Competition Film 'The Ground Beneath My Feet' Sold to Germany's Salzgeber (EXCLUSIVE)

    Salzgeber has acquired the German rights for Berlin Film Festival competition title “The Ground Beneath My Feet” from sales agent Picture Tree International. Variety has been given exclusive access to the film’s trailer. Salzgeber will release the film, directed by Marie Kreutzer, mid-May. Trailer for Berlin Film Festival competition title “The Ground Beneath My Feet” [...]

  • Donald Glover'Atlanta' TV show premiere, Arrivals,

    Childish Gambino Surprises Beverly Hills Crowd With Reimagined 'Redbone'

    Donald Glover made an unexpected appearance at Film Independent’s “An Evening With…” series tonight (Jan. 15), held at the Wallis Annenberg Center for Performing Arts in Beverly Hills and presented by the HFPA. Joining “Black Panther” composer and Childish Gambino collaborator Ludwig Göransson, who was the subject of a Q&A conducted by “The Treatment” host Elvis [...]


    Film News Roundup: Glenn Close Selected for Oscar Wilde Award

    In today’s film news roundup, Glenn Close gets an honor, AFI names its Directing Workshop for Women participants and Teri Polo gets cast in a Christmas drama. CLOSE HONOR Glenn Close will be honored on Feb. 21 by the US-Ireland Alliance at the 14th Annual Oscar Wilde Awards, held at J.J. Abrams’ Bad Robot in [...]

  • Jason Reitman Ghostbusters

    Jason Reitman to Direct Secret 'Ghostbusters' Movie

    Sony Pictures is getting the wheels in motion for the next installment in the “Ghostbusters” franchise, and it knows who it’s going to call to direct: Jason Reitman. Sources tell Variety that Reitman, whose father, Ivan, directed the first two “Ghostbusters” movies, will direct the latest pic in the famous franchise. Reitman has also co-written a [...]

  • L.A. Teachers' Strike: Hollywood Studios, Unions

    Hollywood Studios, Unions Support Parents and Educators as L.A. Teachers' Strike Rages

    Hollywood unions and entertainment companies have stepped up to support the 31,000 Los Angeles teachers in the second day of a massive strike that’s affected nearly half a million students. More than 50 SAG-AFTRA members picketed at a Tuesday afternoon rally in the driving rain next to the Hollywood & Highland Center with secretary-treasurer Jane [...]

  • SAMUEL L. JACKSON in Glass. M.

    ‘Glass’ Again Tops Studios’ TV Ad Spending

    In this week’s edition of the Variety Movie Commercial Tracker, powered by the TV advertising attention analytics company iSpot.tv, Universal Pictures claims the top spot in spending for the second week in a row with “Glass.” Ads placed for the superhero thriller had an estimated media value of $9.89 million through Sunday for 1,183 national [...]

  • Danny Glover

    Danny Glover Joins 'Jumanji: Welcome to the Jungle' Sequel

    Danny Glover has joined the cast of Sony’s “Jumanji: Welcome to the Jungle” sequel. His role is being kept under wraps, as is the storyline. Glover will star opposite Dwayne Johnson, Jack Black, Kevin Hart, and Karen Gillan, all of whom are set to return. Awkwafina is in final negotiations for a significant part in [...]

More From Our Brands

Access exclusive content