CJ ENM (CEO Heo Min-heoi) has signed a multi-year investment partnership agreement with ‘Library Pictures International’ (LPI), a Hollywood content investment company, to produce local films overseas. LPI is an investment company established in May 2019 by Hollywood's top talent agency 'CAA' (Creative Artists Agency) to invest in local industry-leading film production outside of North America.
LPI will invest up to 50% in CJ ENM’s local film production in Indonesia, Turkey, and Vietnam over the next three years. Through the accord, LPI can enter the rapidly growing markets of Indonesia, Turkey and Vietnam as a film investment company that promotes the growth of their film industry whereas CJ ENM has secured an investment partner with financial resources and shared visions for the global film market, laying the foundation for continuously producing high-quality local films abroad.
CJ ENM's Film Business Division has been actively bolstering its status as a film investment production company in Southeast Asia and Turkey for the past 10 years. , produced and released in Indonesia in 2017, became the highest-grossing horror film in the country’s history. In Vietnam, six of the top 20 Vietnamese local films are produced by CJ ENM, including , a remake of ‘Miss Granny’, one of the highest-grossing films of all time in the country. In Turkey, CJ ENM has invested and distributed box office hits such as < AİLE ARASINDA (In the Family)> and over the past few years.
David Taghioff, Chief Executive Officer of LPI, said, “CJ ENM is a talented and experienced company that clearly understands trends not only in Korea but also in other markets around the world and is capable of producing creative content tailored to local sentiments,” adding, “I think CJ ENM is a perfect partner for LPI in terms of its vision of growing together with talented creators around the world.”
Ko Kyoung-boum, head of International Film Business Division, said, “LPI is a company with a vision to invest in content that can lead the evolution in the Asian market with high growth potential. With this partnership, we have secured a foundation to continuously produce new content that has not been attempted in emerging markets such as Southeast Asia and Turkey.”