Kim Ho Joong’s agency, Think Entertainment, which was anticipated to undergo closure, has opted for a different course by rebranding itself.
According to a report from Munhwa Ilbo on June 20, Think Entertainment, known for managing Kim Ho Joong, is set to continue operations under a new name, ‘Art M&C’. The rebranding process was finalized through registration documents on June 11.
🔄 Think Entertainment cambia su nombre a Art M&C. ¡Sin intenciones ocultas, según la agencia! #KimHoJoong #ArtMNC pic.twitter.com/sNYm4xlpw9
— Hayllu Unnie (@hayllunnie) June 20, 2024
Contrary to expectations of shutting down, the company has not initiated dissolution procedures, which typically involve appointing a liquidator and formally dissolving the company. Instead, Think Entertainment has made organizational changes, including appointing Mr. Lee as the new CEO in place of the previously held CEO Lee Kwang Deuk. Additionally, Mr. Yeon was appointed as the new internal director on the same day as the name change.
Think Entertainment, the company managing Kim Ho Joong, remains in a state of flux with significant developments surrounding its future.
Despite ongoing speculation about its closure, Think Entertainment has chosen to restructure instead of pursuing dissolution. According to a recent report from the Financial Supervisory Service’s electronic disclosure system, the company reported sales of approximately 18.7 billion KRW (13.45 million USD) and a profit of 3.4 billion KRW (2.45 million USD) in 2023. However, it faces a substantial liability of over 12.5 billion KRW (9 million USD) in advance payments, largely tied to pre-received performance revenue from Kim Ho Joong.
The company’s recent actions include the resignation of all executives and employees, as well as a change in CEO, reflecting their intent to reconsider their business operations. They have also expressed plans to terminate exclusive contracts with affiliated artists, prioritizing their opinions in the decision-making process.
Despite these changes, Jung Chan Woo, a major shareholder and broadcaster, continues to serve as the auditor. His term, initially appointed in March 2020 and renewed in March 2023, underscores ongoing oversight amid these corporate adjustments.