Spackman Entertainment: Associate company Spackman Media Group (SMG) has agreed to subscribe 88.9% of Delmedia’s shares for Krw1.6b.
Delmedia is one of Korea’s leading producers of variety shows, producing some of the most popular titles such as “I am a Singer” “Every1 Infinite Girls” and “Star Audition: The Great Birth”. Delmedia has produced 120 variety shows, entertainment dramas and reality shows since founding in 2003.
Delmedia is also engaged in talent management businesses, and manages personalities such as Lee Jae-yong, Hong Kyung-in, Sam Hammington, and Sam Okyere.
The producer also recognizes the demand of Korean entertainment in China, and is currently producing two Chinese variety shows, with expected release within this year.
SMG had recently raised US$7m, where US$6m worth of shares was issued to investors, and US$1m consideration shares was issued for the acquisition of a 51% stake in Breakfastfilm.
With the investors coming into the fray, Spackman’s effective interest in SMG has been diluted to 50% and the latter is now an associate company, from its former status as a subsidiary.
Spackman is currently lossmaking and is trading at 2.2x P/B
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