Paramount, Daewoo to Agree on
Deal to Build Theme Park in IFEZ

Paramount Movie Theme Park to partially open in Songdo in 2009

U.S. film distributor Paramount Pictures and Daewoo Motor Sales Co. will sign a deal to open the "Paramount Movie Theme Park"in Songdo, the International Business District of the Incheon Free Economic Zone, the Incheon Metropolitan City government said.
The municipal government said on Dec. 13 that Paramount Pictures and Daewoo Motor Sales will soon sign a licensing agreement on the construction of a theme park. The project will break ground next July for a partial opening in 2009.
The project calls for the construction of a large-scale park comprising of entertainment and playing facilities and a hotel on a lot of 495,000 sq. meters, part of the 947,100 sq. meters of land owned by Daewoo Motor Sales Co.
The projected Paramount Movie Theme Park will be divided into eight zones, including movie-related playing facilities, a water park, a resort hotel and a swimming pool, according to Incheon Metropolitan City officials. Among them, playing and entertainment facilities will open in August 2009 to coincide with World City Expo 2009 Incheon, which the municipal government will host from Aug. 7 through Oct. 25, 2009. The remaining facilities will be inaugurated by 2010, they said.
Following the signing of the licensing agreement with Paramount Pictures, Daewoo Motor Sales will establish a special-purpose company with Korean and foreign investors in an effort to raise the roughly 850 billion won necessary for the construction of the projected theme park.
Daewoo Motor Sales will be responsible for raising the necessary funding. Paramount Pictures, in lieu of financing, will not only provide its own license, content and other intellectual property and business know-how, but also be charged with the planning and design of the theme park. In return, Paramount will receive royalties on the operation of the theme park from Daewoo Motor Sales. nw

An artist conception of the "Paramount Movie Theme Park"in Songdo Daewoo Motor Sales and Paramount Pictures plan to build.