SINGAPORE (Dec 12): Spackman Entertainment says that it is acquiring Constellation Agency for a consideration of about $16.6 million or about 144.8 million shares at 0.115 per share.

Constellation Agency is primarily involved in the business of representing and advising Korean artists in overseas markets outside of Korea.

It currently owns The P Factory, a marketing solutions provider specialising in event and branded content production, as well as Platform Media Group, a talent management agency which represents and manages the careers of major artists.

The total consideration took into account, inter alia, the Constellation Agency’s unaudited net profit of US$1.2 million ($1.6 million) from the date of its incorporation to Nov 30 and its unaudited net asset value of US$3.6 million as at Nov 30.

The group views that this acquisition will allow it to better leverage on the unique marketing expertise and talent management platform to deliver top quality integrated content production to its targeted audience.

The group also believes that this is a strategic fit to its existing operations as it develops a more consistent and stable revenue in its business diversification efforts.

Meanwhile, the group also announced that it has entered into a share sale and purchase agreement with an existing shareholder to purchase 3.01% interest in the group’s associated company, Spackman Media Group (SMG).

The 3.01% interest represents 920,000 shares at US$3 per share at US$2.76 million.

Following the share acquisition, the group’s shareholding interest in SMG will increase from 29.12% to 32.13%.

As at 2.45pm, shares in Spackman are trading at 9.3 cents.