Jung-Hwan Kim, Chief Executive Officer of IB Media Net Inc., completed the acquisition of IB Media Net Inc. from Galaxia SM, Inc..
March 26, 2017
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Jung-Hwan Kim, Chief Executive Officer of IB Media Net Inc., agreed to acquire IB Media Net Inc. from Galaxia SM, Inc. (KOSE:A011420) for KRW 2.5 billion on March 7, 2017. Galaxia SM will sell 0.4 million shares of IB Media Net at KRW 6,250 per share. The deal is expected to close on April 30, 2017 and may change according to Ministry of Science, ICT and Future Planning approval and transactions status between the concerned parties. The deal is also subject to the approval of Fair Trade Commission.
Jung-Hwan Kim, Chief Executive Officer of IB Media Net Inc., completed the acquisition of IB Media Net Inc. from Galaxia SM, Inc. (KOSE:A011420) on March 27, 2017.
Galaxia SM, Inc., formerly IB Worldwide is a Korea-based sports marketing company. The Company mainly engaged in broadcasting sports events business and sports marketing consulting business. The Company owns the right to broadcast sports events of major league baseball (MLB), Asian football confederation (AFC), ultimate fighting championship (UFC), international association of athletics federation (IAAF), Korean ladies professional golf association (KLPGA) and others through various platforms such as cable television, Internet television and digital media broadcasting. Its sports marketing consulting business utilize various properties of sports teams to hold advertising, promoting and sponsoring events. On June 21, 2013, the Company acquired additional shares of EveryShow Inc. After the transaction, the Company's stake in EveryShow Inc. increased from 52% to 100%.