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Remaking a film or TV project is both an art and science. Shedding some light on the subject at the 12th Cannes Producers Network program Saturday was Argentine producer Jose Levy of Creative Andina, whose remake experience includes the U.S. version of Marcos Carnevale’s hit “Elsa & Fred,” starring Shirley MacLaine and Christopher Plummer.

Levy also holds the remake rights to Carnevale’s other Argentine hit, “Corazon de Leon,” above, which Gaumont and VVZ Prods. are remaking with Jean Dujardin playing the lead. Fox Intl. Prods. (FIP)  has bought the U.S. remake rights to the romantic comedy. Levy also holds the rights for Korea, India, Mexico, Brazil, France, Spain, China, Germany and Italy.

“The idea with FIP is to make a bilingual version, similar to ‘Instructions Not Included,’ in order to target both the Mexican and U.S. Hispanic markets,” said Levy, who estimates a $7 million budget and a 2016 release.

But Creative Andina’s reversioning efforts aren’t a one-way street from Latin America to the rest of the world. It is also producing the Mexican version of Vinod Chopra’s Indian hit “3 Idiots.”

Levy’s talk included discussion on such vital points as how to identify the remake possibilities of a project; determine when a TV show can be made into a feature film; how to pitch, sell and finance a remake; and the standard remake contract points to consider.

“Comedies have a greater chance at being remade in multiple territories, but the adaptations have to feature local A-list actors and the humor, idiosyncrasies and slang of the respective culture or country have to be carefully considered,” said Levy.

But Levy also has some high-concept dramas to reversion: the Argentine hit miniseries “Los Sonicos,” which will be remade into a feature film titled “Sonics” in the U.K, and Argentine political thriller “Time for Revenge” to be adapted into a bilingual Mexican-Canadian co-production.