Chinese entertainment company Huayi Brothers Media Corp. has acquired HB Entertainment Co., a Korean producer of popular TV dramas and films for 4.2 billion won ($36.1 million).
The Chinese media mogul said Thursday that its subsidiary Huayi Tencent Entertainment Co. acquired a 30 percent stake in HB Entertainment.
Before the investment of the Chinese company, HB Entertainment’s CEO Moon Bo-mi was the largest shareholder with a 61.7 percent stake, followed by HB Corporation with 33.3 percent and Moon Heung-ryeol with 5.0 percent. HB Corporation is the biggest shareholder of Kosdaq-listed HB Technology Co.
HB Entertainment is the country’s reputable TV drama producer, with a track record of making several hits such as "My Love from the Star," "You’re All Surrounded," "My Daughter Seoyoung," "Phantom" and "The Way Home."
The company is also home to famous actors and actresses, including Ji Jin-hee and Kim Rae-won. It recorded an operating profit of 2 billion won on sales of 30 billion won last year.
Huayi Brothers is a leading film studio in China that produces and distributes movies and TV dramas and is engaged in entertainment agency business. It reaped sales of 3.87 billion yuan ($594 million) last year.