Warner Bros. Strikes Deal With Korean Studio Behind Parasite, Oldboy to Produce Remakes of Each Other's Films

In a deal that opens the door to all kinds of English- and Korean-language remakes, Warner Bros. has reached an agreement with prolific South Korean studio CJ ENM that will have the two companies developing, financing, and distributing remakes of each other's films.

If you're not familiar with CJ ENM, you've still likely heard of the films it's backed. Its library includes globally successful collaborations with Bong Joon-ho (Oscar Best Picture winner Parasite, Snowpiercer, Mother, Memories of Murder) and Park Chan-Wook (The Handmaiden, Lady Vengeance, Oldboy), in addition to Celine Song's acclaimed Past Lives.

And the Warner Bros. library, meanwhile, is incredibly vast, ranging in everything from the Harry Potter movies to the DCU to Casablanca. While projects that'll be developed under the deal have not yet been specificed, hypothetically, it means just about anything in the WB library is up for grabs for a Korean-language remake, and vice versa.

Warner Bros. and CJ ENM have struck a deal to develop remakes of each other's films.

Per Variety, the deal will see WB take the lead on any English-language remakes of CJ ENM films, while CJ ENM will spearhead any Korean-language remakes of WB movies. While each studio will need to see their respective remakes through, Variety reports that the other studio will still have input on "creative decisions like the project’s writer, director, producer, cast and budget."

Warner Bros. will take the lead on distributing all films globally, with the exceptions of South Korea, Vietnam, Indonesia, and Turkey, where CJ ENM will distribute.

In a statement, Warner Bros. Motion Picture Group’s Co-Chairs and CEOs Michael De Luca and Pam Abdy called CJ ENM "a powerhouse producer of Korean cinema, with films that resonate with audiences across the globe. We are excited to have the opportunity to work with CJ ENM as we look to expand Warner Bros. Motion Picture Group’s movies offerings around the world."

"This collaboration allows us to uncover and revitalize hidden gems, bringing inspiring stories to today’s audiences," added CJ ENM’s Head of Film Business Jerry Kyoungboum Ko. "It’s a wonderful privilege to be partnered with an iconic brand that boldly continues to evolve, create and champion storytelling at the highest level."

That's a lot of business jargon to say: this could potentially be a wildly interesting deal, and we'll be keeping an eye out to see what comes out of it. For more in the meantime, check out our 2019 review of Parasite, which we called "a heartbreaking tale of why the haves and have-nots will stay that way, crafted by a virtuoso director at the very top of his game."

Alex Stedman is a Senior News Editor with IGN, overseeing entertainment reporting. When she's not writing or editing, you can find her reading fantasy novels or playing Dungeons & Dragons.