Emtek unit acquires production house Sinemart Indonesia

Emtek Group’s Surya Citra Media (SCM), through its unit Indonesia Entertainmen Group (IEG), has acquired 80 per cent stake in production house Sinemart Indonesia, the company said on Wednesday. The purchase had been completed on January 23, 2017.

Sinemart Indonesia is a local soap opera producer that has helped competitor Media Nusantara Citra (MNC Group) retain the highest audience share on its RCTI channel. Although not owned by MNC, the production house had been exclusively creating popular shows for RCTI such as Tukang Bubur Naik Haji and Anugerah Cinta for 10 long years.

“Owning 80 per cent shares of Sinemart can upgrade the TV shows content quality in Surya Citra Televisi (SCTV), a private TV station under SCM, to synergize with and improve the SCM performances,” said corporate secretary Gilang Iskandar.

Sinemart has agreed to produce five soap operas for SCTV during the first quarter of 2017 and terminate its cooperation with MNC.

It is not clear on the value of the sale that SCM and Sinemart had agreed on. But according to a report by Mirae Asset Securities (Daewoo), it could reach as much as Rp 1 trillion ($75 million). The number was mentioned by an unnamed MNC executive in a commentary on Sinemart’s deal, who called it a “desperate move by Emtek Group”.

“Despite the quite high acquisition price of Sinemart, we believe it will be a valuable long-term investment for SCTV as it will increase its audience share and eventually its rate card,” said Mirae’s analyst in its report.

Prior to Sinemart takeover, SCTV had already owned three production houses: Screenplay Production, Amanah Surga Production and Screenplay Film. It also often sources its prime time local dramas from other production houses, such as Mega Kreasi Film.

Despite already having four production houses under its wings, SCTV’s performance in 2016 was less than satisfying, with only 11.2 per cent of audience share, the lowest for the channel for prime time category. Meanwhile, MNC’s RCTI reported a 29.4 per cent share year to date (ytd).

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.