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Library Pictures, a US-based entity that finances content in the entertainment sector, has entered into a three-year pact with Next Entertainment World (N.E.W.) to co-finance a slate of Korean-language properties.

The investment will cover films currently in pre-production and projects to be developed during the time of deal but will also extend to include finished films. 

N.E.W., which launched operations in 2008, is known for hit films such as The Attorney (2013), TRAIN TO BUSAN (2016) and its sequel Peninsula (2020), The Villainess (2017), as well as popular TV shows like Descendants of the Sun. 

Library Pictures has existing financing deals with Legendary Pictures and its subsidiary Legendary Global for content in India as well as Korean studio CJ Entertainment for its local production slate in Indonesia, Vietnam, and Turkey.

“The partnership with Library will be a driving force in expanding opportunities for Korean storytellers and accelerate our overall growth,” related KIM Jae-min, the president of N.E.W.’s film department. “Leveraging N.E.W.’s existing production, financing, and distribution capabilities, we are able to support the Korean film ecosystem on a larger scale, helping bring local creators and IP to the global entertainment arena.” 

“Korean-language content is in the global spotlight thanks to its vibrant local market and superpower to travel beyond borders,” said Library CEO David TAGHIOFF. “N.E.W.’s great taste, entrepreneurial thinking, and terrific relationships, both inside and out of Korea, make them not just a great partner, but one that truly meets the moment. We are incredibly excited to add them to our growing global consortium.”