Live Company Group PLC (AIM:LVCG) has inked a partnership deal with Byoung Goo (Jason) Lee who will help the company promote K.Flex festivals and source new artists on non-SBS related festivals.
The agreement will see LVCG hold an option to acquire 49% of a new venture company, alongside its new partner which will own 51%. The AIM-quoted company will receive £100,000 as a licence fee from a payment of £300,000 from the partner, with the other £200,000 used to subscribe for LVCG shares (5mln shares priced at 4p each).
K.Flex Korea, the new jointly-owned venture company, will seek to create content for further K.Flex festivals on a global basis, working exclusively for LVCG, to provide show content and additional areas of revenue from Korea.
Jason Lee is an experienced event and media senior director who has been at the forefront of K-POP's global expansion and digital transformation, LVCG noted.
"Whilst we enjoy an excellent working relationship with SBS for the shows that we will be working on together, it is important for LVCG to extend its ability to provide show content for additional non-SBS festivals,” said LVCG chair David Ciclitira.
“We are particularly excited to be working with Jason Lee and look forward to developing new K.Flex festivals and content with them."
It is set to auto-renew annually, with an annual £100,000 licence fee payable to LVCG, unless terminated by either party.