Blitzway Acquires Blitzway Studio

[Asia Economy Reporter Hyungsoo Park] Blitzway announced on the 24th that it has completed the acquisition of its subsidiary, ‘Blitzway Studio.’ Blitzway Studio has become a consolidated subsidiary of Blitzway.

Blitzway stated on the 24th that it converted Blitzway Studio’s convertible bonds into common stock and acquired 11,600 shares of Blitzway Studio. By securing 50.6% of Blitzway Studio’s shares, Blitzway became the largest shareholder.

Blitzway Studio has changed to a co-CEO system with Kim Ji-woo and Bae Seong-woong. Blitzway Studio’s content production revenue will be reflected in Blitzway’s consolidated performance starting from the second quarter of this year.

Bae Seong-woong, CEO of Blitzway, said, "Starting from the second quarter of this year, Blitzway Studio will become a consolidated subsidiary of Blitzway," and added, "We expect Blitzway to benefit from Blitzway Studio’s growth and improved profitability."

Blitzway Studio has signed contracts with writers including Yoo Bora, who wrote the JTBC dramas starring Go Hyun-jung, ‘The Person Who Looks Like You’ and ‘Secret’; Jang Hong-cheol, who wrote ‘Doctor Lawyer’; and Heo Seong-hye, who wrote ‘Speed to You 493km’ and ‘Tomorrow With You.’ They have secured a lineup of works to be produced by next year.

To secure original IP, Blitzway acquired the entire stake of the design studio ‘Sticky Monster Lab’ for 2 billion KRW on the 18th. Sticky Monster Lab is a creative group composed of three members: renowned domestic art directors Bu Chang-jo and Choi Rim, and figure artist Kang In-ae. They have collaborated with famous domestic and international brands such as Nike, MTV, and Cheoeum Cheoreom.

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