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Spackman diversifies into production of Korean variety shows
SPACKMAN Entertainment Group's associated company, Spackman Media Group (SMG), has acquired a majority stake in Delmedia - a Korean variety show production company - for 1.6 billion Korean won (S$1.94 million).
On Friday, SMG entered into an agreement with Delmedia to subscribe to 320,000 common shares of the latter. This represents 88.89 per cent of the enlarged issued and outstanding shares of Delmedia after the completion of the subscription, for a total cash consideration of 1.6 billion won.
Spackman Entertainment Group now has an effective interest of 44.45 per cent in Delmedia, which is well-known for for producing some of Korea's most popular variety show series, including MBC I Am A Singer, MBC Every1 Infinite Girls and MBC Star Audition: The Great Birth.
Said Richard Lee, head of business development of Spackman Entertainment Group: "The inclusion of Delmedia will allow the group to expand and diversify into the production of television variety shows, a segment which has seen rapid growth not only in Korea but also throughout Asia, in particular China, as evident from the increasing number of Korean variety shows being aired overseas and even being remade into local versions. The collaboration between Delmedia and key Chinese industry players will also serve as an additional platform for the group to further penetrate the Chinese market."