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Smilegate, Enters “Strategic Partnership for Cultural Contents Business” with Thailand’s C.P. Group

Posted On
2017.03.15

[Feb 28, 2017] Smilegate Group announced that it entered a “strategic partnership for cultural contents business” with Thailand’s top conglomerate Charoen Pokphand Group(C.P. Group) on the 19th (Thursday).

 

With Smilegate Group becoming an integrated entertainment company by diversifying its IP (Intellectual Property) based on the success of CROSSFIRE IP in the global market and C.P Group’s active media business with Thailand's largest media company True Visions at the head, the partnership was entered in recognition of the synergy resulting from the coinciding vision that both companies had regarding the cultural contents business.

 

The ceremony held at The Peninsula Shanghai in China was attended by Smilegate Group CEO Hyuk-bin Kwon, C.P. Group Chairman Soopakij Chearavanont, as well as executives from each company.

 

Both companies will be forming a “cultural content fund” (tentatively named “C.P.-Smilegate Synergy Private Equity Fund”) as part of its strategic collaboration for cultural contents business. For investments and operations management, Smilegate Group and C.P Group have designated “Smilegate Investment” and “CT Bright Investment,” respectively. Both companies will each invest equally in initial capital, and target to raise additional investment capital from outside investors for a total private equity fund of over multi-million dollars.

 

The fund is drawing high interest from investors, as well as anticipation for the success of the invested content, as it is a joint creation between Smilegate Group, creator of game-based global entertainment content “CROSSFIRE” and holder of top content discovery∙development capabilities, and C.P. Group, owner of the largest distribution channel in Asia for media, food and beverage, finance, etc.

 

Moving forward under the strategic partnership, Smilegate Group and C.P. Group plan to make full use of both companies’ infrastructures, networks, etc., from joint focus on discovering cultural content IP such as movies, games, and dramas in the global market to aggressively investing in securing platform businesses necessary to create IP value.

 

Smilegate Group CEO Hyuk-bin Kwon said, “We are pleased to enter a partnership with C.P. Group, the representative leading company in Asia, through this ‘cultural content business collaboration’. We will strive to become the most successful model of cultural content funding by combining Smilegate’s experience gained from the success of CROSSFIRE IP with C.P. Group’s network and business capabilities.”

 

C.P. Group Chairman Soopakij Chearavanont stated,, “We are happy to collaborate with Smilegate, a company that has been most successful in the cultural contents business with the global no. 1 FPS CROSSFIRE. We will do our utmost to discover and cultivate promising cultural content through this collaboration.”

 

C.P. Group is the second leading conglomerate in Asia with various subsidiaries for distribution, telecommunications, media, etc. C.P. Group has annual sales of approximately USD 50 billion as of 2015 and accounts for 11.7% of Thailand’s GDP.