MUMBAI: Fortissimo Films has entered into a strategic partnership with Korea‘s CJ Entertainment that covers co-production and library sales, and gives CJ a first-look deal for Fortissimo‘s upcoming titles.
The wide-ranging deal, announced by Fortissimo chairman Michael J. Werner and CJ Entertainment CEO Katharine Kim promises to give Fortissimo a firmer foothold in Korea.
In addition to the first-look deal for new titles, the partnership also enables CJ to exploit Fortissimo‘s library of more than 250 feature films across Korea‘s burgeoning new media platforms.
CJ owns Korea‘s biggest cinema circuit, CJ CGV, while its affiliate CJ Media operates cable TV networks and sells movie titles to video-on-demand and IPTV.
It is also said that the two companies said an agreement to co-develop, co-finance and co-produce a series of Asian-focused projects will be entered into in the near future.
"This is a multi-faceted relationship that has great potential to enable a wider range of titles from Fortissimo to be released in Korea," said Werner. Although South Korea has some of the world‘s most advanced new media platforms, in the past few years it has become a tough market for theatrical art house releases.
However CJ CGV is attempting to expand this space by establishing a specialty films team and expanding its "Movie Collage" art house circuit.
