Marketing, entertainment and digital media agency PMG has announced the acquisition of 50% interest in Parallel Smart Media.
The company has bought the shares owned by HW Alpha which will receive a ‘nominal cash sum’ alongside an 18 month option to subscribe for 900,000 ordinary shares in PMG for 35p each.
David Ciclitira, chairman of PMG, said: "I am delighted that Parallel Smart Media Asia Alpha Entertainment Pte Limited will become more integrated with the PMG Group. We anticipate that this restructuring will be of significant benefit to the Company's shareholders as we look to develop our K-pop business."
The K-pop business will have operations in Seoul and Singapore, and will be headed up by Parallel Media Korea's president Sonia Hong.
It's first signing is a sponsorship deal with Asian insurance group AIA, which will back a K-pop tour beginning in Hong Kong in January.