South Korea And China’s Media Giants Next Entertainment World And Huace Media Group Launch Joint Venture To Produce Films

Two media giants from South Korea and China has launched a joint venture to produce films in Korean and Chinese languages.

South Korea's Next Entertainment World (NEW) and China's Huace Media Group has given the announcement during the 20th Busan International Film Festival (BIFF) on Monday, as noted by The Hollywood Reporter on the same day.

The joint venture called "Huace & NEW" revealed its first three projects: "The Witch," "Beauty Inside," and "The Phone."

"Our companies share the same visions and passion for cinema and will work hard together to help diversify the media culture of Asia," says NEW chief executive officer Kim Woo Taek.

The two companies will co-invest and co-produce these films equally. Also, Huace and NEW will have 50-50 share of revenues, Kim adds.

"Huace has the highest market share in China. When they first decided to invest, it was a year ago. Since then, we've had exchanges and confirmations and have decided which projects to work on."

Kim goes on, "But the biggest reason we have made this joint venture is because both companies share similar cultures of positivity, enterprise and creativity, so that we mesh well."

"Huace & NEW" board will consist of Kim, NEW president-in-charge of cinema business Jang Kyung Ik, Huace vice president Fu Bin Xing and Huace Union president Yoo Young Ho, as reported by Yohnap News Agency on Tuesday.

"This will serve as a foundation for mustering know-how and the wisdom of the two companies, present the best content in the fast-growing Chinese market, and promote the diversity of cultural industries of Asia and elsewhere in the world," Kim says during the ceremony.

Fu also says in a video message the joint venture is "an important step in its globalization strategy."

"Huace & New will produce good works, combining resources and facilitating cooperation among creative artists," Fu adds.

In addition, NEW becomes a major sponsor for this year's Busan International Film Festival (BIFF).

"Huace & NEW will grow with the Busan film festival, which has been through so much hardship and continues moving forward strongly," Kim states.