Chorokbaem Media announced on the 4th that the ongoing sale of Chorokbaem Media’s shares and management rights by its current largest shareholder, CT Property, is progressing smoothly. The two parties recently began receiving Letters of Intent (LOI) through the sale’s lead manager, Samil Accounting Corporation. According to the company, interest from various potential buyers had been ongoing even before the LOI submission started.
Chorokbaem Media is a drama production company with the highest level of production capabilities in Korea, based on 26 years of experience. It operates a broadcasting program production business that plans and produces drama content and sells it to OTT platforms, terrestrial broadcasters, and comprehensive programming channels, as well as a broadcasting channel usage (PP) business through ‘K-STR (K-STAR)’.
Chorokbaem Media has produced numerous mega-hit works, from past titles such as ‘Jumong’ and ‘Chuno’ to recent hits like ‘Penthouse’, ‘Yeolnyeo Bakssi Gyeyak Gyeolhon-dyeon’, ‘My Mister’, and ‘My Liberation Diary’. The company expects sustained demand for domestic content producers due to the global popularity of K-dramas and intensified competition among OTT providers such as Netflix and YouTube to secure subscribers.
The company is also maximizing business synergy through its subsidiary, TN Entertainment. TN Entertainment’s business sectors are broadly divided into celebrity management and food & beverage (F&B). As of February this year, the celebrity management division has signed exclusive/agency contracts with a total of 75 famous artists, generating stable revenue.
TN Entertainment’s F&B business is conducted through well-known chicken franchises such as ‘Fried Cham Jalhaneun Jip’, ‘Sesang-ui Modeun Achim’, and ‘Sadaebu-jip Gotgan’. The F&B division’s average annual growth rate reaches 28.4%, and it has become an excellent source of cash flow for the company.
Last year, TN Entertainment recorded sales of 150.3 billion KRW and operating profit of 13.5 billion KRW. Chorokbaem Media holds 59.7% of TN Entertainment’s shares and management rights. As of the fourth quarter of last year, Chorokbaem Media’s total equity stood at approximately 344.6 billion KRW, an increase of about 6.6% compared to the previous year, while total liabilities during the same period decreased by about 23% to approximately 121.6 billion KRW.
A representative of Chorokbaem Media stated, “There has been significant interest in the acquisition following the sale announcement due to various factors such as the company’s brand value, industry position, and the growth potential of the global media content market,” adding, “We will do our best to find excellent potential buyers who can accelerate the company’s growth and to promptly proceed to deal closing.”
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