Spackman Entertainment inks MOU to acquire half of Novus Mediacorp

The Korean ancillary film market is worth around $314m.

Catalist-listed Korean entertainment production group Spackman Entertainment Group, revealed today that it has entered into a non-binding memorandum of understanding (MOU) with an independent third party for the proposed acquisition of 51% or more of the issued and outstanding share capital of Novus Mediacorp.

Novus is an investor, presenter, and ancillary distributor for Korean theatrical films. Since 2009, Novus was the investor, presenter, and/or ancillary distributor for a total of 35 Korean and 19 foreign films.

Novus also has a wholly owned subsidiary, Novus Entertainment Co., Ltd., which is currently producing three major theatrical films for release in 2015.

In 2013, the Korean ancillary market totalled approximately $314 million, over three times that of the approximately $104m recorded in 2009. Meanwhile, the packaged segment, which includes DVD and Blu‐Ray, has almost halved in the same period.