Spackman Entertainment, a South Korean theatrical film production group, on Friday said it entered into deal to buy Constellation Agency for S$16.6 million.
Constellation Agency is primarily involved in the business of representing and advising Korean artists in overseas markets outside of Korea.
It acts as an agent and advisor to a selective group of major Korean artists in entertainment content projects, events and commercial endorsements in overseas markets, namely, in Greater China, Southeast Asia, and the U.S.
Constellation Agency reported unaudited net profit of US$1.2 million for the period from the date of its incorporation to November 30.
Spackman said it expects the acquisition will allow it to better leverage on the marketing expertise and talent management platform to deliver top quality integrated content production to its targeted audience.
The Group also believes that this is a strategic fit to the company's existing operations as it develops a more consistent and stable revenue in its business diversification efforts.
Earlier this year, Spackman entered into an agreement with four independent third parties to buy Korean film production company Take Pictures for S$3.9 million.
Take Pictures owns Studio Take, a development motion picture production company founded by veteran movie producer, Song Dae-chan.