Phoenix Waters, Studio Target Sign Tri-Regional Film-TV Partnership, Set ‘Shashou’ (EXCLUSIVE)

variety.com:

Naman Ramachandran Hong Kong’s Phoenix Waters Productions and South Korea’s Studio Target have inked a memorandum of understanding to bolster cross-border collaboration spanning Hong Kong, Korea and the U.K.

The strategic alliance, revealed during Hong Kong FilMart, will focus on jointly developing, financing and producing films, series and microdramas — the latter being short-form digital content that has gained significant traction throughout Asia as vehicles for audience engagement and brand integration.

Leading the partnership’s initial slate is “Shashou,” an international action thriller that pays homage to classic Hong Kong cinema while incorporating Western influences.

Set to commence production later this year with a global cast, the project has already secured participation from Berkeley Media Group and Ostara Pictures, with SC Films International handling sales and MAD Solutions acquiring MENA rights. “Amidst the various challenges facing the global film and media industry, I believe that our collaboration and innovation will be key to illuminating the future,” said Doyeon Julia Kim, CEO of Studio Target. “Through this partnership, we will maximize diverse investment resources and production capabilities in each region, produce commercially successful content, and achieve global market expansion.” The alliance emerges against a backdrop of industry challenges.