Korea's KT Studio Genie buys 30 percent of drama production company Jumbo Film

KT Studio Genie CEO Kim Chul-yeon, right, and Jumbo Film Director Han Dong-hwa stand for photos after the KT subsidiary agreed to buy a 30 percent stake in the drama production company on Monday. [KT]

KT Studio Genie bought a 30 percent stake in local drama production company Jumbo Film for an unspecified amount, the KT subsidiary said Tuesday.

Founded in April 2020, Jumbo Film has produced popular drama series including SBS’s “One The Woman” (2021), tvN’s “Navillera” (2021) and OCN’s “Voice Season 4: Time of Judgment” (2021).

The two companies will co-produce new works using the best of each party’s capabilities and have them distributed through KT’s media platforms.

This comes as a part of KT’s goal to grow the revenue of its content and media units by 30 percent to 5 trillion won ($4 billion) by 2025, which the company announced last month. KT said it will invest 500 billion won over the next three years to achieve the goal.

“KT Studio Genie will keep expanding KT’s media and content businesses through partnerships with capable production companies,” KT Studio Genie CEO Kim Chul-yeon said in a statement.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]