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Chinese firm becomes No. 2 shareholder of local film studio
By Korea HeraldPublished : Oct. 10, 2014 - 20:21
A Chinese entertainment company has become the second-largest shareholder of a leading South Korean film company known for distributing such box-office hits as “The Attorney” and “Miracle in Cell No. 7,” the distributor said Friday.
China’s Huace Film & TV Co. purchased 15 percent of new stocks worth 53.5 billion won ($49 million) issued by New on Tuesday, becoming the distributor’s second-largest shareholder behind its president, Kim Woo-taek, who holds a 45 percent stake, New said.
It is rare for a Chinese entertainment company to invest a huge amount in a South Korean entertainment firm encompassing the film, stage musical and music industries.
The move is expected to pave the way for the South Korean firm to advance to the Chinese market while ensuring a stable supply of hallyu content for the Chinese company. Hallyu refers to the Asiawide popularity of Korean TV dramas and films and pop music. (Yonhap)
China’s Huace Film & TV Co. purchased 15 percent of new stocks worth 53.5 billion won ($49 million) issued by New on Tuesday, becoming the distributor’s second-largest shareholder behind its president, Kim Woo-taek, who holds a 45 percent stake, New said.
It is rare for a Chinese entertainment company to invest a huge amount in a South Korean entertainment firm encompassing the film, stage musical and music industries.
The move is expected to pave the way for the South Korean firm to advance to the Chinese market while ensuring a stable supply of hallyu content for the Chinese company. Hallyu refers to the Asiawide popularity of Korean TV dramas and films and pop music. (Yonhap)
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Articles by Korea Herald
