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Kakao Acquires Top Production Company ZIP CINEMA
- Writerby Pierce Conran
Company Behind THE PRIESTS Sold to Korean Internet Giant
Top Korean production company ZIP CINEMA has been bought by Kakao Entertainment, a subsidiary of the local internet giant Kakao. Spackman Entertainment, the Singapore-based previous owner, sold the company for KRW 18 billion (USD 15.3 million).
ZIP CINEMA, which is run by top producer Lee Eugene, emerged in 2007 as the company behind the hit Voice of a Murderer and since then has amassed one of the most impressive track records in the business. The company is responsible for major titles such as Woochi (2009), All About My Wife (2012), Cold Eyes (2013), The Priests (2015), Master (2016), Default (2019), and last year’s #ALIVE. The company also had a minor stake in Bong Joonho’s Snowpiercer (2013).
Kakao Entertainment, which came into being earlier this year when Kakao Page and Kakao M were merged, has quietly been buying up film and drama production companies as well as a number of top talent management companies. Among the companies in which they have acquired large stakes are director Yoon Jongbin’s company Moonlight Film (The Spy Gone North, 2018) and producer Han Jaedeok’s Sanai Pictures (New World, 2013), as well as hit drama companies Baram Pictures (My Mister) and Logos Film (Vincenzo).