Utopai East buys Alquimista Media to anchor Korea push

Utopai East, a joint venture led by Utopai Studios, has acquired full ownership of Seoul-based production company Alquimista Media, giving the new studio an immediate development slate and an operational base in Korea.

The deal transfers 100% of Alquimista Media to Utopai East and marks Utopai East's operational launch in the Korean market.

Alquimista Media brings 15 scripted film and television projects already in development, spanning action and spy thrillers, crime, supernatural stories, fantasy and science fiction, romantic comedies, family titles, and period projects.

The acquisition formalises Utopai East's plan to focus on Korean and Japanese intellectual property with international reach. It intends to develop projects for theatrical release, television, and streaming.

Korea foothold

Alquimista Media's team will lead development and production in Korea under the Utopai East banner. Hyun Park, Alquimista Media's founder and CEO, will continue to oversee local development and production.

Park has held senior roles across Korean and international media businesses, including Head of the Global Division at CJENM's Studio Dragon and co-head of Warner Bros. Korea. He also co-founded the U.S.-based streaming platform DramaFever.

His senior team includes Wonjo Jeong, a former Head of Development at Apple TV+ Korea and an executive at Moho Films. Jeong's credits include The Handmaiden, Stoker, and the BBC series Little Drummer Girl. Jeongdo Jang also joins the leadership group following a stint as an executive producer at Studio Dragon, with credits including Our Blues, Alchemy of Souls, What's Wrong with Secretary Kim?, and Live.

Utopai East described the acquisition as a way to secure a local team with established development relationships while expanding its pipeline for projects aimed at international audiences.

Development slate

Among Alquimista Media's recent work, the film Bedford Park was produced in association with the studio, with Park serving as executive producer.

The film premiered in the U.S. Dramatic Competition at this year's Sundance Film Festival, where it won the U.S. Dramatic Special Jury Award for Debut Feature. Sony Pictures Classics acquired it.

For Utopai East, Alquimista's slate provides near-term projects that can move forward as the studio builds its broader operating model. The companies added that the combined group will continue expanding into additional genres and formats.

AI production

Utopai Studios describes itself as a technology hub for video storytelling and has been developing AI tools for cinematic production and narrative creation across formats.

Utopai East expects to use that technology in production workflows and plans AI-enabled content for global theatrical release, as well as television and streaming.

Utopai Studios has also been working with partners on film and series projects that integrate AI into production workflows. It is co-producing with Ex Machina Studios on the feature film Cortés and the science-fiction series Space Nation.

Kevin Chong, CEO of Utopai East, framed the acquisition as the start of a broader global studio strategy.

"We are building Utopai East to define the next era of global entertainment," Chong said. "We are truly excited to launch with the Alquimista Media team in Korea, one of the most powerful creative engines in the world today, and lay the foundation to build a global studio platform that combines world-class storytelling with advanced AI production infrastructure."

Park stated that the deal preserves Alquimista's creative identity while expanding the scale of its international ambitions.

"Becoming part of Utopai East allows us to scale our creative ambitions globally while staying true to the DNA of Korean and Asian storytelling," Park said.

Cecilia Shen, co-founder and CEO of Utopai Studios, noted that the objective is to pair an established creative group with in-house production technology.

"We are excited to have Hyun and his team join the Utopai family, as Korea is one of the most important creative markets in the world. This acquisition is about supporting great storytellers at scale," Shen said.

Utopai East is developing a production platform aimed at originating and scaling scripted intellectual property for the global market, with an initial focus on Korean and Japanese stories and plans to expand across Asia over time.