Com2uS Group Withdraws Acquisition of 'Artist Company' Founded by Jung Woo-sung and Lee Jung-jae

[Asia Economy Reporter Seungjin Lee] Com2uS Group has withdrawn its decision to acquire Artist Company, an entertainment company established by actors Lee Jung-jae and Jung Woo-sung.

According to industry sources on the 31st, Com2uS subsidiary Wysiwyg Studios announced on the 27th the termination agreement of the investment contract with Com2uS and Artist Company.

In December last year, Com2uS and Wysiwyg Studios signed an investment agreement to acquire management rights of Artist Studio and Artist Company. Through this investment, Com2uS planned to produce video content utilizing actors affiliated with Artist Company and develop its own games. Additionally, the goal was to strengthen global content business capabilities and enter the commerce market based on this.

According to the agreement at the time, Com2uS and Wysiwyg Studios announced they would invest a total of 105 billion KRW, with 25 billion KRW and 80 billion KRW respectively, into a newly established corporation called Artist Holdings (tentative name), which would have Artist Studio and Artist Company as subsidiaries.

However, both parties terminated the agreement five months after the investment agreement.

A Com2uS official stated, "Wysiwyg Studios and Com2uS have been conducting multifaceted reviews and consultations regarding the optimal partnership to strengthen global content business capabilities and expand the market with Artist Studio and Artist Company," adding, "As a result, we mutually agreed that building independent competitiveness in each business area is more efficient than a collaboration structure based on equity investment, and thus concluded the termination."

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