W Holding Company Changes Name to Chorokbaem Company... "Strengthening Content Investment"

[Asia Economy Reporter Hyunseok Yoo] W Holding Company is changing its name to Chorokbaem Company. Transforming into an entertainment holding company, it plans to strengthen its content capabilities by combining the investment capacity of the existing company with the content development capabilities of its subsidiary, Chorokbaem Media.

According to the Financial Supervisory Service's electronic disclosure system on the 15th, W Holding Company will change its name to Chorokbaem Company at the shareholders' meeting scheduled for the 31st. It will also consolidate the face value from 100 won to 500 won. After the consolidation, the number of issued shares will decrease from approximately 320.13 million to about 64.02 million shares.

Through this name change, W Holding Company plans to strengthen its business capabilities in the content sector. Founded in 2000 by former SBS drama production bureau producer Kim Kibum, Chorokbaem M&C is an outsourcing production company that produces dramas and variety shows. To date, it has produced 61 dramas and SBS’s ‘K-pop Star’ series. A company official explained, "We want to establish the group’s identity through this name change," adding, "Since the content business operated by the subsidiary is promising, we plan to produce differentiated management and content under the Chorokbaem brand."

In addition, the company plans to strengthen its existing investment business. Last year, W Holding Company earned about 20 billion won in capital gains by selling companies such as IOK Company. Moreover, through its subsidiary W Investment & Finance, it has actively engaged in mergers and acquisitions (M&A) market investments. These investments contributed to a net profit of 17.7 billion won last year.

The official emphasized, "We will continue our existing investments," adding, "As we change our name, this year will be a period focused on content production and investment capabilities, including expanding investments into areas such as media commerce that combine content and products."