US production and distribution company Gold Circle Films has acquired the English-language remake rights to Johnnie To's fast-paced action movie Breaking News from Hong Kong's Media Asia.
The film, which stars Richie Jen, Kelly Chen and Nick Cheung, screened in an out-of-competition slot at last year's Cannes film festival.
Gold Circle president Paul Brooks will produce the remake with Gold Circle's Norm Waitt and Scott Niemeyer executive producing. Peter Anshin of Asia Entertainment Finance Associates will also executive produce. Gold Circle's vice president of production, Zak Kadison, brought the project to the company and will co-produce.
Under the terms of the ground-breaking deal, Media Asia will participate in the gross revenues of the resulting film, in addition to payment for the remake rights.
"From a financial standpoint, we participate in a real way," said Media Asia's Jeffrey Chan, who announced the deal at the recent AFM in Los Angeles. "Gold Circle has crafted a very forward-thinking deal and the first one of its kind."
Gold Circle, which was one of the companies behind the massive indie hit My Big Fat Greek Wedding, is also financing a remake of Hong Kong horror title The Eye 2, to be called In-Utero, which it plans to co-produce with Vertigo Entertainment. New Line has US rights and US sales company Mandate Pictures is handling international sales on the film.
One of Hong Kong's best-known directors, To returned to Cannes this year with triad drama Election which screen in competition. He is currently working on three projects - a sequel to Election, for China Star and France's Celluloid Dreams; thriller Exiled, starring Anthony Wong, Richie Jen and Francis Ng, for Media Asia, and suspense drama The Sparrow, starring Simon Yam and Kelly Lin, for Universe Entertainment.
Also at the AFM, Media Asia sold Feng Xiaogang's upcoming blockbuster The Banquet, starring Zhang Ziyi, Ge You, Zhou Xun and Daniel Wu, to Japan's Gaga in a deal worth around US$5m.
(hkfilmart November 24, 2005)
