Koreanfilm conglomerate Innotz/Prime Entertainment has taken over more established productioncompany Korea Entertainment, producer of commercial hits My Tutor Friend, Mapado, and The Art ofFighting.
PrimeEntertainment acquired 100% of Korea Entertainment's stocks for $15m today.
Asa subsidiary of Prime Industrial group and formerly a company focusing onsoftware, Innotz had recently announced itself to be starting in production,distribution, investment, talent management, and exhibition after merging witharthouse company LJ Film. The merger was made official March 10.
PrimeEntertainment stated in a release that it expected to have stronger productionpower with commercially oriented Korea Entertainment adding to LJ Film'sproductions.
LJFilm's Chief Executive Officer Lee Seung-jae is also heading PrimeEntertainment's production sector. Lee executive produced films like Sundancecompetitor The Peter Pan Formula and KimKi-duk's Spring, Summer, Fall, Winter' and Spring.
Onthe issue of decision-making power between the heads of LJ Film and KoreaEntertainment, PR & Marketing Director Chung Hae-jin told screendaily.com that Prime Entertainmentwill now have two head producers, "the same way a production company might haveseveral directors," although Lee Seung-jae will still hold the lead position whenit comes to making decisions on Prime Entertainment's productions
PrimeEntertainment is currently investing in and planning to distribute eight filmsincluding Im Kwon-taek's 100th film Cheon-nyunhak and Song Hae-sung'sKang Our Happy Time which stars KangDong-won.
PrimeEntertainment is to officially change its title from Innotzto Prime Entertainment on March 24 at a shareholders' meeting.