News blog

Parallel Media Group

  • BY: Andrew Hore |
  • POSTED: 30/10/2012 |

Sports marketing and media group Parallel Media Group has bought out its partner in its Asian media business and started a dedicated K-pop operation.

Parallel has acquired the of 50% Parallel Smart Media Asia Alpha Entertainment Pte Ltd from HW Alpha for a nominal cash payment. HW Alpha also has an 18 month option over 900,000 shares at 35p a share – more than double the present share price.

This stake buy will enable Parallel to push ahead with its expansion in the K-pop market.

Earlier this year, Parallel successfully organised a K-pop event in Malaysia. K-Pop is Korean pop music which is popular in Asia. Parallel has joined up with CJ E&M, the major company managing K-Pop groups, and this could provide an additional revenue stream. The first concert was for the South Korean boy band Shinhwa. All 5,000 tickets were sold and a number of sponsors were signed up, including Nikon. Another K-Pop event was staged in September.

The K-pop business will be headed by Sonia Hong who has signed a sponsorship deal with Asian insurer AIA. There will be an AIA sponsored K-pop tour starting in Hong Kong on 5 January. The featured bands are Beast, A Pink and 4Minute

Chairman David Ciclitira bought 62,500 shares at 14.92p each, which takes his stake to 35.4%. The share price has dipped 1.25p to 14p, valuing Parallel at £3.21m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2012_37.pdf

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