Chorokbaem Media Acquires Studio Santa Claus Subsidiary
Combining Expertise in Producing Over 70 Dramas with OTT Network
Largest Domestic Artist IP... Expanding Influence Beyond Korea to Overseas
[Asia Economy Reporter Hyungsoo Park] Chorokbaem Group is acquiring Studio Santa Claus, which has proven its production capabilities by producing Netflix originals 'My Name' and 'All of Us Are Dead.' This move is expected to maximize synergy effects by strengthening management and content production capabilities as well as securing economies of scale.
According to the Financial Supervisory Service's electronic disclosure system on the 4th, Chorokbaem New Technology Association No. 6 signed a contract to acquire 14.87% (1,527,073 shares) of Studio Santa Claus for 31.1 billion KRW. The acquisition price per share is 20,382 KRW, about 85% higher than the previous day's closing price of 11,000 KRW. After the remaining payment is made on the 22nd, Chorokbaem New Technology Association No. 6 will secure the position of the largest shareholder of Studio Santa Claus.
The largest investor in Chorokbaem New Technology Association No. 6 is Sky E&M (99.68%), and the managing partner is Chorokbaem Investment. Chorokbaem Group will incorporate Studio Santa Claus as an affiliate and strengthen its content production capabilities. Since Studio Santa Claus has showcased popular content through Netflix, there is a possibility that the content supplied to online video service (OTT) providers will increase. By collaborating with existing drama production affiliates such as Chorokbaem Media, and C2 Media, the number of content productions can be increased and efficiency improved.
Since its establishment in 2000, Chorokbaem Media has produced over 70 dramas including 'My Liberation Notes,' 'One Day,' 'My Mister,' 'Penthouse,' and 'Another Miss Oh' over more than 20 years.
A representative from Chorokbaem Media stated, "We judged that Studio Santa Claus has not only a strong drama lineup and content production and management capabilities but also competitiveness related to OTT networks," adding, "By incorporating Studio Santa Claus as an affiliate, production infrastructure and content IP acquisition will be maximized."
Within the Chorokbaem Company Group, synergy effects are also expected with Sky E&M, Hook Entertainment, YG KPLUS, and others. Studio Santa Claus manages about 50 artists including actors Kim Yoon-seok, Joo Won, Soo Ae, Kim Ok-bin, Kim Sung-oh, and Han Chae-young.
Sky E&M is the agency for over 70 entertainers including broadcasters Lee Young-ja, Do Kyung-wan, Boom, Oh Sang-jin, and singer Jang Yoon-jung. Hook Entertainment manages 8 artists including Youn Yuh-jung, Lee Sun-hee, Lee Seo-jin, Lee Seung-gi, and Park Min-young. Model-specialized management YG KPLUS represents artists such as Bae Yoon-young, Chloe Oh, Yoo Ji-ae, Kim Seol-hee, Hyebak, and Park Kyung-jin.
A representative also said, "With the acquisition of Studio Santa Claus, Chorokbaem Group now holds the largest artist IP in Korea," adding, "We expect to create synergy effects by promoting various content businesses based on artist IP."
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