SINGAPORE (Nov 16): Spackman Entertainment Group says that it has invested KRW250 million ($306,000) in the seed financing round for The Makers Studio, a Korean film production startup.

Once the investment is completed, Spackman will own 20% of the equity interest in The Makers Studio.

The Makers Studio is established by three Korean entertainment industry veterans: Kim Ok‐hyun, Choi Yeon‐ju and Moon Bo‐young.

The Makers Studio plans to produce and release four films from 2018 to 2020, the first of which will be The Island of The Ghost’s Wail. The tentative budget is set at KRW3 billion, excluding prints and advertising costs.

Charles Spackman, executive chairman and CEO of Spackman, says, “We expect The Makers Studio to leverage on the group’s networks and resources to increase the visibility and distribution channels of its pipeline of upcoming films. The group will continue to eye quality early stage Korean film production companies in its objective to strengthen its existing film production business.”

Shares in Spackman closed at 11 cents on Thursday.