Innocean Acquires Studio Lennon for 29 Billion KRW

[Asia Economy Reporter Lim Hye-seon] Innocean announced on the 21st that it will acquire Studio Lennon Co., Ltd. Studio Lennon is a company specializing in the production and distribution of video and audio recordings.

Innocean will acquire 58,000 shares of Studio Lennon for 29 billion KRW. The total number of issued shares of Studio Lennon is 100,000. With this acquisition, Innocean will become the largest shareholder of Studio Lennon.

Innocean stated, "We plan to acquire Studio Lennon to strengthen our position as a digital creative company by securing high-efficiency, low-cost content production capabilities through a VFX specialist." They added, "Innocean will participate in the acquisition of existing shareholders' shares and a third-party allotment capital increase of the issuing company, and this disclosure comprehensively covers the acquisition of the issuing company's shares." They further explained, "Studio Lennon is expected to be included as a consolidated subsidiary."