News Korean Film Company Invests in ImaginAsian
posted on 2007-08-22 18:42 EDT
Sidus Corporation, one of South Korea's largest film production companies, will be providing more than US$20 million in capital and content to ImaginAsian Entertainment, which runs the ImaginAsian TV cable channel and operates movie theaters in New York and Los Angeles that are dedicated to showing Asian films. ImaginAsian's Tuesday evening Anime EnerG block has brought various anime series including Kamichu, Kyo kara Maoh!, and Paradise Kiss to viewers across the United States. Recently, ImaginAsian has also made a move into distribution by licensing three classic anime series (Cat's Eye, Nobody's Child - Remi, The Super Dimension Century Orguss) for DVD release.
Sidius will initially provide funding for ImaginAsian to expand its production and distribution activities, across both linear and on-demand cable, theatrical, DVD, and new media (such as cellphone and gaming) content. Sidius will also use ImaginAsian to bring various TV shows, films, and other features that it produces in Korea to American audiences.
Says ImaginAsian chairman Augustine Hong, who was named Sidus' outside board member under the terms of the deal: "We are excited about both the immediate and long-term possibilities that our new partnership with Sidus brings. We are also pleased that ImaginAsian Entertainment is being recognized by the entertainment community in Asia as a meaningful entry point to the U.S. entertainment arena.”