Paramount Licensing and Daewoo Motor Sales Corporation to Explore Development of Movie Studio Theme Park in South Korea

Paramount Licensing and Daewoo Motor Sales Corporation to Explore Development of Movie Studio Theme Park in South Korea

HOLLYWOOD, Calif. and INCHEON, Korea, May 10 /PRNewswire/ -- Paramount Licensing Inc. (PLI), and Daewoo Motor Sales Corporation (DWMS), today announced that they have reached an agreement to explore the development of a Paramount Pictures-based theme park in South Korea. The proposed theme park, which would be located on a DWMS-owned site, would be located in Incheon, a 1-hour drive from Seoul, and feature characters, attractions, and facilities based on Paramount's rich motion picture library.

Under the terms of the agreement, DWMS will be responsible for raising the funding for the eventual development and construction of the project. In the event that PLI enters into a licensing agreement, it will provide access to Paramount's intellectual property library. PLI will not be an investor in the project or fund the development or construction of the project.

"We are thrilled to be involved in the development of South Korea's first international movie studio theme park," said Michael Bartok, Executive Vice President of Paramount Licensing. "This new development will significantly add to South Korea's already growing tourism sector and complement all of the world-class developments in the rapidly growing Incheon region. We have long been interested in this exciting market and look forward to working with our partners on this amazing project."

"The Paramount theme park is a key priority not only for Daewoo Motor Sales but also for the city of Incheon," said Dongho Lee, President & CEO of DWMS. "The park has the potential to become a true catalyst for regional development and we at Daewoo Motor Sales are proud to be spearheading this landmark project together with Paramount."

A feasibility study conducted by Economics Research Associates calls for the $800 million theme park to entertain over five million guests annually. In addition to the theme park, the master plan for the 120-acre resort complex specifies an on-site five-star hotel complete with a luxury spa and world-class amenities. In addition, the plans call for premium shopping and dining as well as an entertainment complex featuring top-tier retailers. Future phases of development will likely include a water park component.

About Daewoo Motor Sales Corp.

Daewoo Motor Sales Corp. (DWMS), formerly the sales organization of Daewoo Motors, was established as a separate company in 1993 as Korea's first specialized automobile sales and service company. The Motor Sales Division is the largest motor sales organization in Korea. In addition to its portfolio of automobiles which includes the GM Daewoo, Daewoo Bus, Tata Daewoo Commercial Vehicle and GM Korea (Cadillac, Saab) brands, DWMS sells other imported automobiles such as Volkswagen and Audi through its subsidiaries and is also active in the local distribution and export of used cars. The Engineering & Construction Division, which was added in 1997 when the company acquired and later merged with Handok Construction, is one of Korea's major construction companies. Its apartment brands 'Iaan' and 'Exordium' are among the most recognized brands in the housing sector. DWMS is listed on the Korea Stock Exchange (KSE 004550, 004555).

About Paramount Licensing

Paramount Licensing is the licensing division for Paramount Pictures Corporation, handling licensing rights worldwide for films distributed by Paramount Pictures, DreamWorks Pictures, Paramount Vantage, Nickelodeon Movies and MTV Films. Paramount Licensing has established robust licensing programs for Paramount's extensive library of films and current releases through merchandise, film clips, stage plays, publishing, and recreation programs.

About Paramount Pictures Corporation

Paramount Pictures Corporation (PPC), a global producer and distributor of filmed entertainment, is a unit of Viacom (NYSE:VIA)(NYSE:VIA.B), a leading content company with prominent and respected film, television and digital entertainment brands. The company's labels include Paramount Pictures, Paramount Vantage, Paramount Classics, DreamWorks Pictures, MTV Films and Nickelodeon Movies. PPC operations also include Paramount Digital Entertainment, Paramount Home Entertainment, Paramount Pictures International, Paramount Licensing Inc., Paramount Studios, and Worldwide Television Distribution.

Contact:
Shaleek Wilson
323 956 4635
Shaleek_wilson@paramount.com

Source: Paramount Licensing Inc.

CONTACT: Shaleek Wilson, +1-323-956-4635, Shaleek_wilson@paramount.com,
for Paramount Licensing Inc.

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