Premiere snaps up SM Pictures
FROM VARIETY: Korean production shingle sold to DVD outfit
By Han Sunhee of Variety -- Video Business, 8/1/2008
AUG. 1 | FROM VARIETY: SEOUL -- Korean production shingle SM Pictures has been sold to Premiere Entertainment, one of the country's major DVD production and distribution outfits.Parent SM Entertainment disclosed in June that it had sold a 34% stake in SM Pictures to Premiere for $15.2 million as part of a business reorganization and fund-raising effort.
Now SM Entertainment prexy Lee Soo-man is selling Premiere his 5.6% stake in SM Pictures for $2.5 million.
Read the full story on Variety.com.
