Spackman Entertainment said Tuesday it entered a memorandum of understanding with South Korea-based Sunwoo Produce to collaborate on expanding into new overseas markets with entertainment content and investments.
Under the deal, Sunwoo Produce and Spackman will collaborate on overseas production, investment and distribution using Spackman’s networks, while Sunwoo Produce will seek opportunities to invest in Spackman and/or its affiliates, the South Korean drama producer said in a filing to SGX.
Last month, Sunwoo Produce agreed to become the largest shareholder of KOSDAQ-listed entertainment company ESA after it entered a deal to buy a 15.68 percent stake, the filing said. The acquisition is expected to be completed later this month, the filing said.
Sunwoo Produce and Spackman also plan to tie-up with other entertainment-related businesses and projects, such as film and TV production, talent management and other media businesses in Korea, Southeast Asia and the U.S., the filing said.
Spackman said it would also arrange foreign investors for Sunwoo Produce and advise on managing ESA’s overseas business.
Sunwoo Produce and Spackman will also work to set up a co-managed fund focused on investing in entertainment and technology, the filing said.