Catalist-listed Spackman proposes to acquire Korean TV post-production house Fireworks

Catalist-listed Spackman Entertainment Group, a Korean entertainment production group, said on Tuesday that it has entered into a non-binding memorandum of understanding with an independent third party, Hyun Duk Shin, for the proposed acquisition of 51 per cent or more of the issued and outstanding share capital of Fireworks Co., Ltd..

Fireworks is a post-production house that creates high-end visual effects for TV commercials, music videos, films and digital media. It specializes in post-production TV commercial picture editing services including 2D composites, 3D computer graphics, and art editing, and has worked on commercials in Korea featuring Korea's biggest brands and most famous stars.

For example, Fireworks was responsible for the post-production of commercials such as Reebok's Rolling In Front of the Chair with Ahn So-hee of the Wondergirls, SK Telecom's Good Looking with Jun Ji-hyun and Lee Jung-Jae, Wellmade's The People's Clothing Store starring Jung Woo-sung, tvN's company public relations film featuring Psy rising a horse, and Northface's ad starring Hyun Bin.

Said Mr. Richard Lee, head of business development for Spackman Entertainment: "As a post-production company specializing in TV commercials, Fireworks has collaborated closely with our subsidiary, Breakfastfilm Co., Ltd. for almost a decade and the proposed acquisition should enhance their mutual benefits."

"Moreover, we expect synergies with our theatrical film business as Fireworks has the potential to expand its scope to post-production for movies."