SINGAPORE - Spackman Entertainment Group has agreed to acquire a 51 per cent stake in Novus Mediacorp Co from Suk Young Jung for $2.5 million, of which $1.4 million will be paid in cash and the balance in new shares priced at 34 cents apiece.
Novus is an investor and presenter of Korean theatrical films, specialising in ancillary distribution.
Since 2009, Novus has been involved in 54 films (35 Korean and 19 foreign).
Novus also has a wholly-owned subsidiary, Novus Entertainment Co, which was established in 2013 and is currently co-producing three major theatrical films for release in 2015: Life Risking Love, Chong Hee - The Emperor's Love and Korean Gangster.
With this additional pipeline of productions from Novus Entertainment, Spackman's current production slate will reach 10 films, of which at least seven are aimed for release in 2015.
This positions the group as one of Korea's largest theatrical film production companies, in terms of the number of productions released per year.