by Jang Hyowon
Published 12 Jul.2022 09:07(KST)
Updated 20 Jul.2023 15:56(KST)
[Asia Economy Reporter Jang Hyowon] Global alternative investment and venture studio NPX announced that its portfolio company Terapin Studios acquired the leading drama production company I. Will Media for KRW 12.9 billion through its subsidiary Copin Communications. Additionally, NPX Capital’s partner Jeon Yongju was appointed as the new CEO of I. Will Media.
I. Will Media, established in 2010, is a mid-sized drama production company that has produced numerous successful dramas aired on the three major terrestrial broadcasters and cable channels, including KBS’s daily drama “Hwanggeum Gamyeon” which currently records over 15% viewership, SBS’s 50-episode drama “Aein Isseoyo,” and MBC’s daily drama “Byeolbyeol Myeoneuri.” The company’s content production capabilities are driven by talented writers and directors such as Lee Sunhye, writer of the tvN “Reply” series, and director Yoo Hyunki, who directed “My Daughter Seo-young,” which achieved a peak viewership rating of 47%.
Recently, I. Will Media expanded its production capabilities by adapting “Superior Day,” an action thriller webtoon by Kim Kanbi, the original author of the Netflix original series “Sweet Home,” into drama content. Going forward, I. Will Media plans to provide its content not only to terrestrial and cable broadcasters but also to OTT platforms such as Netflix.
Terapin Studios is a global content and technology-based media company that produces various forms of content across the value chain, including animation, drama, film, and games, by leveraging extensive intellectual property (IP) capabilities and content verticals.
It also has an in-house team of creative technology experts dedicated to building diverse technologies and immersive experiences in forms such as metaverse, NFT, and social games. Terapin Studios is committed to building a global platform equipped with IP capabilities that have infinite potential.
As part of these efforts, in December 2021, Terapin Studios acquired management control shares of Copin Communications, a Korean webtoon production studio and digital content company, and recently completed the flip (conversion to a U.S. corporation) process, making the existing Korean entity Copin Communications a subsidiary under the U.S.-based parent company Terapin Studios.
This acquisition of I. Will Media is expected to generate significant synergy by securing essential human and physical resources for producing video content based on webtoon IP and by utilizing Terapin Studios’ supply chain that enables expansion into both domestic and overseas markets. Furthermore, through the global infrastructure established by Terapin Studios, it will have a differentiated advantage in providing diverse and competitive content more smoothly to customers worldwide.
Meanwhile, Jeon Yongju, newly appointed CEO of I. Will Media and partner at NPX Capital, is an expert with extensive experience overseeing business management and operations as CEO at leading domestic media companies such as D’Live. Notably, during his tenure at D’Live, he led the growth of the OTT business through Korea’s first partnership with Netflix. As CEO, he successfully led major domestic media and entertainment companies including AXN Korea, CU Media, YTN Media, iHQ, and Cube Entertainment. Jeon joined NPX as a partner in December 2021.
Samuel Hwang, founder and CEO of NPX, said, “We are pleased that I. Will Media, which possesses excellent drama production capabilities verified by domestic and international viewers, is joining forces with Terapin Studios, which has abundant IP and global infrastructure.” He added, “This acquisition will greatly facilitate the sourcing of intellectual property essential for content production, enabling the creation of more diverse and limitless content.”
He continued, “It is very meaningful that such diverse and competitive Korean content will be delivered to more global viewers by leveraging the robust global infrastructure and resources built by Terapin.”
Jeon Yongju, newly appointed CEO of I. Will Media and partner at NPX Capital, stated, “The domestic and international drama content market is facing a new paradigm by expanding its supply chain beyond traditional media such as TV to new media like OTT. I. Will Media plans to actively utilize Terapin Studios’ global infrastructure, support capabilities, and resources to not only continue producing TV dramas but also aggressively invest in various entertainment IP sectors, aiming to re-emerge as a comprehensive content IP company recognized in the global market.”
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