SEOUL — Rising South Korean studio Prime Entertainment, formerly known as Innotz Entertainment, has acquired local production company Corea Entertainment for a reported 15 billion won ($15.4 million).
The move follows the merger with production company LJ Films announced in January and completed this month. LJ Films CEO Lee Seung-jae will oversee the production expansion.
Corea Entertainment has produced five films since 2003, including box office hits “My Tutor Friend” (2003, $25.1 million) and “Mapado” (2005, $19.2 million). The company is also producing upcoming title “One Miserable Day,” which is sold internationally by CJ Entertainment.
Prime has drawn headlines recently for its aggressive moves into exhibition, distribution, film investment, talent management and production. It has eight titles for release including Im Kwon-taek’s 100th film “Cheon-nyeon-hak,” capital punishment drama “Our Happy Time” and big-budget English-language title “Redskin” by rising director John H. Lee (“A Moment to Remember”).
“We are pursuing domestic and international capital,” Prime CEO Baek Jong Jin told a recent stockholder meeting. “When complete, we plan to control $100 million in funds for the development of content and distribution networks.”