Chorokbaem Media's 18.1 Billion Won Paid-in Capital Increase... "Group Executives Participate Heavily for Responsible Management"

[Asia Economy Reporter Yoo Hyun-seok] Chorokbaem Media's largest shareholder, Chorokbaem Company, along with executives from affiliated group companies, will participate in a paid-in capital increase to strengthen responsible management and enhance shareholder value. The expanded capital will be used to reinforce capabilities in the content business.

Chorokbaem Media announced on the 4th through a public disclosure that it will conduct a third-party allotment paid-in capital increase worth 18.1 billion KRW. The planned issuance includes 6,999,534 convertible preferred shares (CPS) and 1,446,575 common shares, with all CPS allocated to Chorokbaem Company and the common shares allocated to group company executives and others. The issuance price per share is 2,143 KRW for both CPS and common shares, with the payment date set for the 11th of this month and the new shares expected to be listed on the 26th of the same month.

Through this capital increase, Chorokbaem Media plans to actively expand content investment and respond to the rapidly growing content market driven by the domestic and international OTT boom. Additionally, the largest shareholder of Chorokbaem Media, W Holding Company, will change its name to 'Chorokbaem Company,' and its subsidiary The Sky Farm will be renamed 'Chorokbaem Food Farm.' Through the 'Chorokbaem Group,' the companies aim to create synergy centered on their respective businesses.

A Chorokbaem representative stated, "Not only Chairman Won Young-sik, the largest shareholder, but also executives of the Chorokbaem Group are directly participating in this capital increase to demonstrate their commitment to responsible management externally while internally solidifying management capabilities. We will fulfill our obligation as co-growers of the group by participating as shareholders through actual capital investment, not just as professional managers."

He added, "We will actively respond to market changes to achieve growth not only in the existing content business but also in various businesses carried out by group companies. We will accelerate efforts to establish new businesses that can become future growth engines."

Meanwhile, Chorokbaem Media has signed a domestic rights contract for its original IP drama 'One Day (working title),' which is being attempted for the first time domestically with Coupang Play, and is pursuing additional negotiations with global OTT platforms to expand exports to overseas regions including Asia, the Americas, and Europe.

This content was produced with the assistance of AI translation services.