Media company NEW signs co-finance deal with Library Pictures International

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Media company NEW signs co-finance deal with Library Pictures International

Media company NEW’s film division has signed a deal to co-finance multiple movies in the next three years with Hollywood contents investment company Library Pictures International (LPI). NEW has produced box office hits such as the 2016 film “Train to Busan.”
 
The investment contract applies to all movies that have already been made and are waiting to be released by NEW, as well as some scripts that are still being discussed. 
 
It is expected that the investment deal will help Korean companies seek out greater opportunities in the global community.  
 
David Taghioff who leads LPI said Korean movies are receiving more spotlight than ever before in the global market. Considering what works NEW has already shown as well as the relationships the Korean company has built with other partners, this deal is more like a global collaboration than just a simple investment, according to a press release by NEW.  
 
NEW also stated that the two companies will focus on diverse content that can appeal to theatergoers and seek out a chance to produce remakes of Korean movies that have the potential to appeal to other markets such as the United States and elsewhere.  
 
BY LEE SUN-MIN   [summerlee@joongang.co.kr]
 
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