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Busan: Korea’s Take Pictures Bought by Spackman Entertainment

Spackman Entertainment Group, an international investment outfit with a taste for all things Korean, is set to buy Korean film production company Take Pictures (aka Studio Take). The company is headed by veteran producer Song Dae-chan.

Spackman is currently riding high. “The Outlaws,” produced by Spackman’s 51% owned subsidiary Novus Mediacorp, was at the top of the Korean box office on two of the three days at the Oct. 6-9 holiday weekend. After a week in release, it has grossed $17.5 million.

Song started work as an apprentice to director Kang Je-gyu and subsequently worked for 13 years with Eugene Lee, who heads another Spackman company in Korea, production house Zip Cinema. Take Pictures now has a slate of 10 thrillers and dramas, including “The Priests 2,” a sequel to hit “Priest.”

Spackman will pay some $2.95 million (S$3.93 million) for Studio Take, with most of the price paid in Spackman shares. Studio Take made unaudited profits of $356,000 (S$488,000).

“The acquisition of Take Pictures will significantly benefit our film production business as it will allow the group to expand its annual movie production capacity. Take Pictures is well-positioned to deliver similar levels of success as Zip Cinema,” said Charles Spackman, executive chairman and CEO of Spackman Entertainment, in a statement. “In order to add accretive value to our existing film production business, we plan to focus on acquiring or investing into early stage production companies that can be more easily integrated with our culture of moviemaking.”

Last month, Spackman acquired a 10% equity interest in NSY Group, which owns Nunsongyee, a Korean-themed dessert cafe chain in Singapore.

Article source: http://variety.com/2017/biz/asia/busan-korea-take-pictures-bought-by-spackman-entertainment-1202586793/

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