SINGAPORE - Singapore-listed Spackman Entertainment Group said that variety show producer Delmedia, a subsidiary of its associated company Spackman Media Group, has signed a US$3.6 million (S$5 million) production contract for a Chinese reality TV series to be aired on China's CCTV.
The agreement with Fengcan (Beijing) Culture Media is to produce a seven-episode family reality series titled "The Best Gift" to be aired on state-owned network channel CCTV-4, with the aim of renewing and strengthening the true meaning of family for its viewers as an increasing number of young Chinese work away from home, said Spackman in a statement on Monday night.
It is also the first time a Korean production company has been engaged to produce a Chinese reality series for CCTV.
The production budget for the series is US$3.6 million, with Fengcan funding 90 per cent and internal resources of Spackman Media Group making up the remaining 10 per cent.
Delmedia will be responsible for the entire production process of the programme. "The Best Gift" will premiere at prime time on the first day of the Lunar New Year, Feb 8 2016, on CCTV-4. Profits, after deducting all relevant expenses will be split equally between Delmedia and Fengcan.
Mr Ahn Chan-il, chief executive of Delmedia, said: "We are pleased to have finalised this milestone agreement with our Chinese partner. Delmedia has spent over a year working towards this goal of producing local unscripted shows in China."
"Delmedia is currently also preparing to produce a music competition programme in collaboration with a well-known Chinese talent agency."
Monday's agreement is expected to have a positive financial impact on the net tangible assets per share and earnings per share of the Spackman for the current financial year ending Dec 31.