Jung-Hwan Kim, Chief Executive Officer of IB Media Net Inc., agreed to acquire IB Media Net Inc. from Galaxia SM, Inc. (KOSE:A011420) for KRW 2.5 billion on March 7, 2017. Galaxia SM will sell 0.4 million shares of IB Media Net at KRW 6,250 per share. The deal is expected to close on April 30, 2017 and may change according to Ministry of Science, ICT and Future Planning approval and transactions status between the concerned parties. The deal is also subject to the approval of Fair Trade Commission.