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Taewon closes production house

Producer sells shares to private buyers

Influential South Korean producer Chung Taewon is set to quit his production powerhouse, Taewon Entertainment.

Chung, who held 17% of the company, and other major shareholders FireWorks Intl. (35%) and Cannizaro Asia Master Fund (17%) have sold their shares to private buyers Cho Jung-ho and HC Partners. Transaction was valued at $18.5 million.

Sale marks the end of the road for the stock market-listed Taewon Entertainment as an entertainment and media operation. Company changed its articles of association this month to make energy and resources its business activities. On Sept. 5 it will change its name to MPlus I.

Chung has already established an unlisted shingle named Taewon Prods. and will continue to make films. Projects include the previously announced Yuen Wo-ping comedy actioner “Spaghetti Versus Noodle” and TV series “Iris,” starring Lee Byung-hun. Chung expects to reclaim the Taewon Entertainment moniker later.