YedangOnline Corp., a game company listed on Korea’s Kosdaq technology exchange, has acquired a 54.6% stake in Korean distributor ShowEast.
Deal, announced Monday, saw Yedang purchase 120,000 shares at 75,000 won per share for a total of 9 billion won ($9.7 million).
ShowEast, headed by CEO Kim Dong-joo, emerged as an influential player in the Korean distribution market with its financing and distributing of Park Chan-wook’s Cannes Grand Prix-winning “Oldboy” (2003).
After initially partnering with international sales agent Cineclick Asia, the company launched its own sales arm in 2004.
Other titles from the past two years include Kim Ki-duk’s award-winning “Samaritan Girl,” Ryoo Seung-wan’s “Crying Fist” and drama “April Snow,” which sold for a record price (said to be $7 million) to Japan.
YedangOnline, together with sister company Yedang Entertainment (also listed on the Kosdaq exchange) has an established presence in games and music, and has recently targeted the film and TV drama industries.