[Korea Herald] New Film Player Joins Lord of Post-production
Daesung Group of Korea said yesterday that it entered a strategic alliance with a New Zealand-based post-production company in that is best known for its work mixing the sound for the blockbuster trilogy "Lord of the Rings."
BiNEXT Capital, an affiliate of Daesung, signed a memorandum of understanding with Park Road Post at the Seoul Press Center, agreeing to open a joint film studio and a fund for investing in films.
Originally focused on energy development, Daesung Group began dabbling in cinema via BiNEXT, raising ample profit to dole out to happy investors from its two entertainment funds that were co-established by the government.
The two sides said they welcome the alliance based on their strong commitment to films with well-written, unique plots that are internationally marketable at the same time.
"We will have a win-win combination and partnership," said Sue Thompson, CEO of Park Road Post.
She and Daesung Group Chairman Kim Young-hoon believe that together they may hold the key to a saturated film market, a common enemy for both Korean and New Zealand filmmakers.
Meanwhile, details of the new fund, aimed at raising an initial 30 billion won, were not released.
Park Road Post is know for its post-production work, mainly sound-mixing, editing and film developing.
"The strong impression Ireceived from Park Road is not limited to their digital work. When I found out that direction Peter Jackson invested his own hard-earned money into the company, I knew we had to get involved," said Chairman Kim.
Following his success as director of the "Lord of the Rings" trilogy, which was a global hit, director Jackson bought a post-production company called "The Film Unit" from the New Zealand government in 1999. This was renamed as Park Road Post.
Daesung believes it has more to gain than just a technological edge.
"We hope to share skills, talent, technology and whatever else we can to form a strong, lasting relationship," said Justin Byung-in Kim, executive manager of Daesung's film business.
After creating its first entertainment fund in 2003, Daesung's BiNEXT began aggressively investing in the local movie industry.
"My aim was to generate a kind of energy not only in the conventional way, but also by contributing to industries like film and broadcasting that can give joy to the average Korean," said the Daesung chairman.
Luck was on his side, as the Korean movie industry peaked in the early 2000s, astonishing even local critics by churning out one blockbuster after another. Since then, a growing number of homegrown movies have won acclaim and awards at international film festivals.
Daesung has 21 affiliates, including BiNEXT, most of them involved with gas and energy.
(jemmie@heraldm.com)
By Kim Ji-hyun
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