The deal gives Sumitomo a75.3% controlling share in Asmik Ace which becomes an official subsidiary ofSumitomo's media arm. The reported acquisition price was approximately Y500m($4.25m). The two companies previously held an equal 47.7% share.
Sumitomo sees theacquisition as a way to provide more content for its cable TV and cinemainterests. Jupiter TV Co and Jupiter Telecommunications, operated under theJ:COM banner, are two of
Asmik Ace Entertainment, nowin its 20th year, is involved in acquisition of foreign films for theatrical andvideo release, as well as producing local fare. Through former parent companyKadokawa's business ties with DreamWorks, Asmik Ace has distributed titles suchas
The company was formed whenSumitomo merged its subsidiary Asmik Corp with Kadokawa's ACE Pictures in 1998.
Sumitomo Corp, establishedin 1919, is one of