Speckman Korean producer Zip Movies – Get Takeover Approach for Variety

Specman Entertainment, a Singapore-listed company with a collection of Korean-themed investments, says it has received a takeover offer for one of Korea’s leading independent production companies, Zip Cinema.

In a regulatory filing, Speckman said a non-binding of intent was provided by the Mono-Accounting Corporation. Turns out is working on behalf of an undeclared “Korea-listed content production company”. It is not clear whether the zip management supports bids.

Zip has previously made hit movies, including 2014’s “My Bright Life,” 2015’s “Priest” and 2018’s “Golden Slammer”. He was also a minority investor in the 2013 Bon Jun-hoy original “Snow Pierce”.

Speckman explained that it has not yet negotiated with Charm, who wants to come to an agreement by the end of the year. The value of Charma’s bid has not been disclosed, and Speckman says it now wants to explore other “strategic options for this large asset.”

Speckman has acquired other film resources in Korea. After being listed on the Singapore Stock Exchange in 2014, it acquired Producer Korea Tech in 2017 and Simplex in 2019.

The Korean film industry is gaining interest from local and international sources. It has been aided by “parasitic” successes at Cannes and the Oscars, and more recently Korea has moved faster-coronavirus to normal than many other countries, enabling partial resumption of film and TV production.

Encouraged by an unusually high participation rate and the continued success of locally produced films, the country’s drama industry has also flourished. In 2019, it has become the fourth largest office region in the world behind North America, China and Japan, surpassing America.