You will be redirected back to your article in seconds

Spackman Entertainment to Acquire Korea’s Novus Media

HONG KONG — Media investor Spackman Entertainment Group is to buy Novus Media, a Korean film investor and ancillary distributor.

Spackman, which is listed in Singapore and is connected to Toronto-based Spackman Equities, said that it had signed a memorandum to acquire 51% or more of Novus. But it did not disclose the value of the transaction.

Since 2009, Novus was an investor, presenter, and/or ancillary distributor for a total of 54 films (35 Korean and 19 foreign) including “Secretly Greatly,” which was one of the biggest box office hits of 2013, and ”Friend 2: The Great Legacy.”

Novus’ wholly-owned subsidiary, Novus Entertainment Co. is currently producing three theatrical films for release in 2015: “Life Risking Love,” “Chong Hee – The Emperor’s Love,” and “Korean Gangster.”

Spackman says that the reason for the acquisition is the development of the South Korean ancillary market, where digital and online revenues are replacing DVD. It says that in 2013, the Korean ancillary market totalled KRW268 billion (US$256 million), more than three times the KRW88.8 billion (US$85 million) size of the market in 2009.

“With the recent growth of the ancillary market, the post-theatrical revenues have become a significant portion of the overall revenues of a film. A potential deal with Novus is an example of the Group exploring ways to financially capitalize on this fast growing segment of the industry,” said Richard Lee, head of business development, Spackman Entertainment Group.

The company already owns two Korean production companies Opus Pictures, one of the producers of Bong Joon-ho’s “Snowpiercer,” and Zip Cinema, which last year produced “Cold Eyes,” the highly-polished remake of Hong Kong thriller “Eye In The Sky.”

Popular on Variety

More Biz

  • Barron HiltonBarron Hilton 1990

    Famed Hotelier Barron Hilton Dies at 91

    Barron Hilton, a famed hotelier who helped expand the Hilton Hotels empire and a founding owner of the Chargers NFL football team, has died, the Conrad N. Hilton Foundation announced. He was 91. “Today the world of hospitality mourns for one of the greats. Barron Hilton was an incredible family man, business leader and philanthropist. [...]

  • Patrick Whitesell and Ari Emanuel WME

    Endeavor Targets Sept. 27 for Stock Debut, IPO Video Tells Company's Origin Story

    After years of preparation, Endeavor is set to make its formal Wall Street debut on Sept. 27, when its stock will begin trading on the New York Stock Exchange. Endeavor has targeted Sept. 26 for the final pricing of its shares. The stock will trade publicly the following day. Earlier this week, Endeavor said its [...]

  • Netflix - Apple TV

    Netflix Stock Drops After CEO Acknowledges 'Tough Competition' Coming From Disney, Apple

    Netflix shares fell as much as 7% Friday to a nine-month low, coming after CEO Reed Hastings commented that the November launches of Disney Plus and Apple TV Plus will introduce a “whole new world” of competition. Hastings, speaking at the Royal Television Society conference Friday in Cambridge, England, said, “While we’ve been competing with [...]

  • Charlie Rose Sexual Harassment

    Charlie Rose Sued for Sexual Harassment by Longtime Makeup Artist

    A makeup artist who worked for Charlie Rose for 22 years has filed a sexual harassment lawsuit, accusing the former CBS and PBS host of years of unlawful behavior toward female employees. Gina Riggi alleges that Rose was verbally abusive with her and would often make derogatory comments about her weight. She also alleges that [...]

  • Rob Stringer

    Sony Music Chief Rob Stringer on Sustaining Growth and Recovering From the 'Dark Times'

    The Goldman Sachs Communacopia conference, now in its 28th year, gives top executives at major companies the opportunity to make their case to investors — and the Goldman analysts the opportunity to keep things on the up and up. While the analysts don’t necessarily grill the executives, they don’t lob softball questions either. That was [...]

  • Frank Grillo'Avengers: Endgame' Film Premiere, Arrivals,

    Matt Phelps Tapped as President of Joe Carnahan, Frank Grillo's Warparty

    Frank Grillo and Joe Carnahan’s Warparty productikon banner has appointed Matt Phelps president of the company. Phelps will head the Los Angeles office and be responsible for overseeing all film and television projects. “We searched long and hard to find the right fit for Warparty and felt that Matt embodied everything that we were looking [...]

  • Jack Gilardi, Longtime ICM Partners Agent,

    Jack Gilardi, Longtime ICM Partners Agent, Dies at 88

    Jack Gilardi, a longtime ICM Partners agent who represented such stars as Burt Reynolds, Sylvester Stallone, Jerry Lewis, Charlton Heston and Shirley MacLaine, died Thursday at his home in Los Angeles. He was 88. Gilardi was known for his gentlemanly style, love of the Los Angeles Dodgers and his skill at representing top actors. He [...]

More From Our Brands

Access exclusive content