My Mister, a Korean drama series produced by Chorokbaem Media in 2018 (Courtesy of tvN)
Seoul-based private equity firm Q Capital Partners seeks to buy a 39.3% stake with management rights in South Korean drama series producer Chorokbaem Media Co., which has made global-hit My Mister and The Penthouse: War in Life, for around 80 billion won ($58 million).
Samil Pricewaterhousecoopers (PwC), the lead manager for the sale, has tapped Q Capital as the preferred bidder for the drama series maker valued at 150 billion won to 200 billion won, investment banking sources said on Tuesday.
Q Capital competed with several PE firms and Korean content producer Artist United, owned by Netflix drama Squid Game hero Lee Jung-jae, for the bid to buy the stake from local logistics firm CT Property last month.
The Korea Exchange (KRX) has suspended trading of the Kosdaq-listed Chorokbaem Media stocks since last June for alleged embezzlement and share price manipulation by its parent Chorokbaem Group ex-Chairman Won Young-sik.
The KRX decided to delist the drama production company last October and granted it 12 months for improvement in January this year. Chorokbaem Media can remain on the junior bourse if a purchase agreement for the controlling stake is signed by this November and the transaction is completed by next January.
Chorokbaem Media posted 200 million won in operating loss and 241.3 billion won in revenue last year. Among the company’s popular works are the historical drama series The Slave Hunters, starring actors Jang Hyuk and Oh Ji-ho and All In, depicting gamblers’ lives with actress Song Hye-kyo and actor Lee Byung-hun.
Chorokbaem Media owns other assets including TN Entertainment Co., the agency for Korea top stars such as comedian Lee Young-ja and singer Jang Yoon-jeong, a fried chicken restaurant franchise and Busan-located skyscraper Haeundae LCT The Sharp.
By Ji-Eun Ha and Jun-Ho Cha
hazzys@hankyung.com
Jihyun Kim edited this article.
