Library Pictures International, a Los Angeles-based local-language content financier has struck a deal with CJ Entertainment, the South Korean studio behind Oscar-winner “Parasite,” to co-finance its production in Indonesia, Vietnam and Turkey.
Library, which is itself backed by Legendary Pictures, will fund up to 50% of the budget of CJ Entertainment-led local-language productions in each of the three markets. Few deal terms were disclosed, though they were described as a “multi-year, multi-picture” agreement.
CJ-CGV, a sister company within the CJ Group, has acquired or developed multiplex cinemas in multiple developing markets, including Indonesia, Vietnam and Turkey. It has followed those initial moves by developing film distribution and production activities in each of them.
It backed Joko Anwar’s “Satan’s Slaves,” the highest-grossing horror film of all time in Indonesia. Several others have been localized versions of CJ Entertainment’s original Korean-language intellectual properties, including “Sweet 20,” a Vietnamese version of nostalgic hit “Miss Granny.”
Library is currently co-financing and producing with Legendary Global two seasons of Vikram Motwane’s currently untitled Hindi-language YA dark comedy-drama series to be sold in India. The company also serves as an executive producer on the Hindi-language film “Harami,” which was directed by Shyam Madiraju and will screen in competition at this week’s 2020 Busan International Film Festival.
“CJ Entertainment has a well-developed and highly-ambitious film business that compliments Library’s mission to amplify the work of talented creators around the world,” said David Taghioff, Library principal.
“Library Pictures International has an unequivocal understanding of how to model local language productions and deliver hits,” said Jerry Ko, CJ Entertainment’s head of international film business.