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Spackman Entertainment to purchase Take Pictures
Posted on Thursday, 12 October 2017 10:46
Spackman Entertainment is acquiring Take Pictures via a deal worth SGD 3.93 million (USD 2.90 million) in order to expand its film production capacity.
The purchaser is paying SGD 589,286 in cash and is issuing SGD 3.34 million-worth of shares as consideration.
Spackman Entertainment has appointed PrimePartners Croporate Finnace as a sponsor to the deal, which remains subject to the Singapore Exchange’s approval.
Take Pictures operates as the parent of Studio Take, a South Korean movie production company founded by veteran filmmaker Song Dae-chan.
Listed on the Catalist board of the Singapore Exchange, Spackman Entertainment develops, produces, presents and finances South Korean motion picture projects through its subsidiaries Zip Cinema and Novus Mediacorp.
Its films are distributed through cinemas, as well as other media channels, including cable television, video on demand platforms and digital video disc (DVD) releases.
Spackman Entertainment has in recent years produced some of the highest grossing motion pictures in South Korea, which include the Priests, Snowpiercer, Cold Eyes and All About My Wife.
Mainly due to the success of its 2016 film Master, the public group posted revenue of USD 10.47 million in the six months ended 30th June 2017, up 38.0 per cent on the USD 7.59 million recorded during the same timeframe in the previous year.
Profit for the period totalled SGD 4.43million, compared to a loss of SGD 3.51 million in H1 2016.
This is not Spackman Entertainment’s first deal this year as it completed its acquisition of film production equipment lessor Frame Pictures in March.
It also successfully snapped up Singapore-based dessert café operator NSY Group last month.
According to Zephyr, the M&A database published by Bureau van Dijk, globally, there have been 292 deals targeting film producers announced since the beginning of this year.
© Zephus Ltd