Spackman Entertainment Group, the Korean movie production company, says it has bought a 46.4% stake in Breakfastfilm for KRW 1.3 billion ($1.55 million).

Breakfastfilm is a leading marketing and media company that specialises in the production of TV and new media commercials and music videos in Korea.

The company has even produced music videos for K-pop artists like Wonder Girls, Rain and Girls Generation.

Breakfastfilm made a profit after tax of $118,428 for the fiscal year ended Dec 2013.

It currently has 27 full-time employees in Seoul.

In March, Breakfastfilm set up wholly owned subsidiary Breakfast Film Shanghai in China.

Breakfast Film Shanghai has already won contracts with Ogilvy Guangzhou and Saatchi & Saatchi Guangzhou.

Spackman says it wants to tap Breakfastfilm’s marketing strength and customer network in China.

The company also believes Breakfastfilm’s expertise in producing short films will add value to the production of trailers and other marketing material for the group.

As part of the acquisition deal, Spackman says convertible notes issued by Breakfastfilm to its subsidiary Opus Pictures will be transferred to the company and converted into shares.

Upon completion of the conversion, Spackman will hold a 51% stake in the enlarged share capital of Breakfastfilm.

Spackman closed 15.6% higher at 26 cents.