South Korea’s first-generation and major drama producer Kim Jong-hak Production is put on the market on hopes that it would draw many investors and content providing platforms on the back of rising popularity of Korean culture worldwide.
According to sources from the investment banking industry on Thursday, Kelvedon Global M&A Fund under the U.K. Kelvedon Holdings has been inviting potential buyers to sell a 50 percent-plus-one-share stake in Kim Jong-hak Production.
Market experts estimate the drama production company, founded 1999 by late renowned Korean drama producer Kim Jong-hak, is now valued at up to 30 billion won ($26.9 million), with the 50 percent stake on sale expected to fetch around 15 billion won. The reputation of releasing many hit Korean dramas since early 2000 would help it draw many strategic investors having a high interest in Korean pop culture following the late global success of Korean movie ‘Parasite’ and boyband BTS, industry watchers believed.
Korea’s entertainment company ESA sold a 100 percent stake in Kim Jong-hak Production to Kelvedon Holdings at 10.5 billion won last year. The fund has decided to invite a strategic investor that can foster the growth of the production.
Kim, best-known for “Eyes of Dawn (1991)” and “Sandglass (1995), committed suicide in 2013.
By Park Chang-young and Choi Mira
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