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.

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