Spackman to buy 51% of post-production house

Spackman Entertainment Group has inked a non-binding memorandum of understanding to buy 51 per cent of post-production house Fireworks Co, the Korean entertainment production company announced early Tuesday.

Spackman did not disclose the proposed value of the deal.

The transaction is still at a preliminary stage and subject to due diligence and various approvals.

Fireworks specialises in TV commercial picture editing services, and has collaborated with Spackman subsidiary Breakfastfilm Co for almost 10 years, Spackman said.

"We expect synergies with our theatrical film business as Fireworks has the potential to expand its scope to post-production for movies," Spackman head of business development Richard Lee said in a statement.