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Sony Pictures to withdraw from South Korean market
By Korea HeraldPublished : Nov. 12, 2014 - 20:25
Sony Pictures will end its direct movie distribution business in South Korea this year, 24 years after its entry into the local market, the company’s local unit said Wednesday.
“We’re going to engage in the film distribution business in South Korea till the year’s end according to the decision by the U.S. headquarters,” Sony Pictures Korea said in a release.
“Fury,” an American war movie starring Brad Pitt, is expected to be Sony’s last Korean release.
After the closure, United International Pictures (UIP) will likely take over the business of releasing Sony’s movies and animated films, according to industry sources.
The reasons for the upcoming closure remain unknown.
Sony advanced to the Korean film market when it set up a unit of Columbia Tristar in 1990. In 2006, it signed a joint venture with Disney, creating Sony Pictures Releasing Walt Disney Studios Korea.
The joint venture firm will continue to distribute films in Korea separate from the closure of the Sony Pictures Korea, according to the company. (Yonhap)
“We’re going to engage in the film distribution business in South Korea till the year’s end according to the decision by the U.S. headquarters,” Sony Pictures Korea said in a release.
“Fury,” an American war movie starring Brad Pitt, is expected to be Sony’s last Korean release.
After the closure, United International Pictures (UIP) will likely take over the business of releasing Sony’s movies and animated films, according to industry sources.
The reasons for the upcoming closure remain unknown.
Sony advanced to the Korean film market when it set up a unit of Columbia Tristar in 1990. In 2006, it signed a joint venture with Disney, creating Sony Pictures Releasing Walt Disney Studios Korea.
The joint venture firm will continue to distribute films in Korea separate from the closure of the Sony Pictures Korea, according to the company. (Yonhap)
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Articles by Korea Herald
