Korean producer Chung Tae-Won has sold his shares in KOSDAQ-listed production company, Taewon Entertainment, and is launching a new production outfit, Taewon Productions.

In an $18.5m deal announced yesterday (Aug 19), Taewon sold his 17% share of the company, along with another 52% owned by Fireworks International and a foreign fund, to Korean executive Cho Jung-ho and HC Partners. Jung is leaving his position as CEO of Taewon Entertainment.

Noting that managing a listed company did not fit with his film business, Jung is today launching a non-listed company, Taewon Productions, to produce and import films and TV dramas with a focus on global projects.

Taewon Entertainment previously produced local hits such as Marrying The Mafia and co-produced Three Kingdoms: Resurrection Of The Dragon with China Film Group, Beijing-based Polybona and Hong Kong 's Visualizer. The company also imported and distributed hits such as the Kill Bill and Lord Of The Rings films.