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Skylife Invests 8.3 Billion Won in "Chief of Staff"

2020/01/07 Source

Skylife is investing 8.3 billion won in content production companies to secure original content.

Skylife has signed a contract to acquire convertible preferred stock with Studio & New, which created "Chief of Staff" and "Miss Hammurabi". As a result, Skylife will invest 8.3 billion won to acquire a 9.9% stake in Studio & New.

Studio & New is a drama production company founded by Korean major film investment and distribution company NEW in 2016 based on the success of "Descendants of the Sun". Studio & New includes competitive writers such as Im Mae-a-ri ("Beauty Inside - Drama"), judge and writer Moon Yoo-suk ("Miss Hammurabi"), and Kang Full ("Moving").

Skylife is planning to strengthen its drama contents with this investment. It is already producing its own entertainment programs through its subsidiary, Sky TV. In addition, it is expected to secure dramas and share production know-hows. "The importance of original content is becoming more important at a time when the domestic paid broadcasting market is reorganized through mergers and acquisitions (M&A) and global online video service providers are expanding their presence in Korea", said Kang Kuk-hyun, president of Skylife. "We are going to expand our synergy with Studio & New, which is leaping into becoming a global studio".

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