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Korean Film News

FIP and Ivanhoe to Co-Finance Asian Films

Nov 18, 2013
  • Writerby Pierce Conran
  • View5529
Hollywood Heavyweights Invest in Korean Films
 
 
Fox International Productions (FIP), which has been making inroads in Korean film production since 2010, has just signed a new deal with Ivanhoe Pictures, which will help them finance their slate of local language productions in 11 Asian territories, including South Korea.
 
FIP scored a hit in 2010 with the release of NA Hong-jin’s The Yellow Sea, the hardboiled thriller starring HA Jung-woo and KIM Yun-seok. The film, which they partly financed, accrued over 2.2 million admissions and was invited to the Cannes Film Festival in 2011. Earlier this year, they released their first fully-financed film in the region, the action thriller Running Man. Starring SHIN Ha-kyun and directed by CHO Dong-oh, the film was a modest success, drawing in 1.42 million admissions.
 
The four-year multiple picture deal will see Ivanhoe inject USD 130 million into ongoing FIP projects in Asia. Ivanhoe Pictures is a new company formed by financier Robert Friedland, producer John Penotti and executive Ray CHEN. FIP president Stanford Panitch recognizes the value of Asian markets with strong domestic market shares and this new deal demonstrates Hollywood’s growing focus on Asia.
 
The next fully-financed Korean film for FIP will be Slow Video, a comedy from director KIM Young-tak starring CHA Tae-hyun which is currently in production. 20th Century Fox will distribute the film reuniting the Hello Ghost (2010) director-star team during the first half of next year.
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