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SATURDAY, NOVEMBER 7 2015
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Industry addresses malaise BY ANDREAS WISEMAN
The Noble Family
IM Global takes Chinese remake rights to Noble BY JEREMY KAY
Marking the latest in a string of initiatives exploring opportunities in the world’s biggest boom market, Los Angeles-based IM Global has picked up Chinese remake rights from FilmSharks to Mexican smash The Noble Family. IM Global will develop and produce a Chineselanguage remake via its Beijing operation under the auspices of Leslie Chen. The company’s senior vice-president of sales and acquisitions for Asia has led the office since IM Global chief Stuart Ford opened his China hub in 2012. The Noble Family (Nosotros Los Nobles) became a box-office sensation in Mexico in 2013, generating more than 7.6 million admissions. The story of three spoiled children cut off from the family and forced to find work remains the second biggest Mexican release ever behind Instructions Not Included. Leonardo Zimbron produced alongside director Gary Alazraki. Such was the success of the film that Buenos Aires-based FilmSharks head Guido Rud has struck a number of local-language remake deals over the past year. The Italian version, Belli Di Papa, opened at number one in Italy last week following a deal with Colorado Films. “FilmSharks has built a very strong lineup of remake properties, including major high-concept projects from around the world,” said Rud. David Jourdan, IM Global’s SVP of international business development and operations, negotiated the Chinese remake rights. IM Global also serves as a sales platform for Chinese films. Recent successes include Hollywood Adventures, Venice closer Mr. Six and Toronto premiere A Tale Of Three Cities.
Despite a bevy of indie packages announced during AFM, a healthy pool of P&A sources, nimble new US distributors and the China boom, there remains a sense of unease in the halls of the Loews. Beyond an obvious lack of brawny action titles, the challenges are myriad, from changing viewing habits to studios swooping on high-profile indie packages. Speaking at an AFM finance conference yesterday, industry linchpins including former Universal Pictures chairman David Linde and East West Bank head of corporate banking Bennett C Pozil addressed the challenges. “The elephant in the room is windows,” said Linde, the newly minted Participant Media CEO. “In the west, we remain constricted by win-
David Linde at the AFM conference
dows. The reality is that the film business needs to more aggressively accommodate what the audience is asking.” Producers and financiers must adjust expectations and embrace alternative platforms, said Linde. “Where does your film have its best opportunity? People are struggling with those decisions right now because the market is a little off balance compared to 10 years ago. We live in an age when you have to be immensely precise
about where your movie lives. In my opinion, it’s ok if your movie ends up in theatrical and online at the same time.” Senior media adviser Roy A Salter of FTI Consulting noted the growth in TV production has been astronomical but Linde and Salter both predicted a near-future dip in the TV boom. “The film sector will come back in about two-and-a-half years,” predicted Salter, a timeline seconded by Linde. Also on the panel was Bona Film Group COO Jeffrey Chan, whose Chinese distribution giant was in the headlines this week for investing $235m in a slate of Fox theatrical titles. The Bona executive predicted the deal was a sign of things to come for China, whose population has “huge aspirations to be a global citizen”.
EXCLUSIVE FIRST LOOK Bella Thorne and Patrick Schwarzenegger star in Midnight Sun, directed by Scott Speer from a script by Eric Kirsten. The film, which is based on the 2006 Japanese film of the same name directed by Norihiro Koizumi, is currently shooting in Vancouver. Mister Smith Entertainment launched sales here at AFM this week.
Saulnier’s Green Room secures France deal The Jokers Films has acquired French distribution rights to Jeremy Saulnier’s Green Room from WestEnd Films. Anton Yelchin and Patrick Stewart star in the tale of a punk band who must fight for their lives against a gang of white supremacists. The deal marks The Jokers’ second collaboration with Blue Ruin director Saulnier. The
company’s MD Manuel Chiche remains a champion of elevated genre having picked up titles including The Raid 2, Ben Wheatley’s High-Rise and Nicolas Winding Refn’s The Neon Demon. The film is set to be released in France close to A24’s US release in April. WestEnd previously sold the Cannes and TIFF title to the UK
(Altitude/Picturehouse), Canada (D Films), Germany (Universum), Australia and New Zealand (Rialto), Switzerland (Praesens), Middle East (ECS), Turkey (Kurmaca), Indonesia (Queen), Korea (Mountain Pictures), Thailand (M Pictures), Malaysia (Suraya) and the Philippines (Captive). Andreas Wiseman
TODAY
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China production catching up to Hollywood BY JEREMY KAY
The president of China Film CoProduction Corporation told an AFM panel on Friday that local producers want collaboration with US and international counterparts in order to make better films that can travel. Speaking at the Producing In China session at the Fairmont Miramar Hotel in Santa Monica, Miao Xiaotian noted how the local talent pool was not yet sufficiently deep to sustain the roughly 600 films that are made annually in China. The local production base is booming — Miao estimated it could go up from $4.8bn in 2014 to $7bn this year — as China plays catch-up with Hollywood practices and standards in many areas. April Ye, CEO of Film Finances China, explained how until recently not a single Chinese film or TV show was bonded. That is changing as her company, which launched this year, introduces the product to the local industry. “Directors used to be the boss of state-owned productions,” said Ye, explaining how the ability of bond companies to wield power should a production stray off course has raised eyebrows. “It’s an education process.” Wang Tianyun of Shanghai Kuailu Investment Group observed typical P&A spends have gone up from roughly 20% of the budget to around 50%. Indeed a $30m outlay has become “acceptable” with the rise of private capital investors.