SINGAPORE - Catalist-listed Spackman Entertainment Group Limited has acquired a majority stake for 1.60 billion won (S$2 million) in production company Delmedia, one of the leading producers of variety shows in Korea.
The 88.89 per cent stake, by Spackman's associate company Spackman Media Group Pte Ltd, was based on the growth potential of Delmedia especially in the Chinese market, a company release issued on Monday said.
Delmedia has produced more than 120 variety shows since 2003 including MBC I am a Singer, MBC Every Infinite Girls and MBC Star Audition: The Great Birth. It is also engaged in the talent management business. It has, in recent years, tapped into the growing demand for Korean entertainment in China seeking collaboration opportunities with key Chinese industry players to leverage on this demand.
Spackman is a Korean entertainment production company which independently develops, produces, presents and finances theatrical motion pictures in Korea.
The company had, in December 2014, acquired a 51 per cent or more of the issued and outstanding share capital of Fireworks Co., Ltd, a Korean post-production house that creates high-end visual effects for TV commercials, music videos, films and digital media.
"The inclusion of Delmedia will allow the (Spackman) Group to expand and diversify into the production of television variety shows, a segment which has seen rapid growth not only in Korea but throughout Asia," said Spackman head of Business Development Mr Richard Lee. "The collaboration between Delmedia and key Chinese industry players will also serve as an additional platform for the (Spackman) Group to further penetrate the Chinese market."