Chorokbaem Media will be incorporated as an affiliate of Q Capital Partners (hereinafter Q Capital), a domestic private equity fund (PEF) management company.
Chorokbaem Media announced on the 13th through a disclosure that its current largest shareholder, City Property, has signed a stock transfer agreement involving a change of the largest shareholder and acquisition of management rights with ‘2021 QCPE No.15 Private Investment Partnership’.
The sale target includes 9,616,975 shares of Chorokbaem Media (39.33% stake) and management rights. The total transfer price is 180 billion KRW, and the scheduled transfer date is the transaction closing date specified in the contract. The closing date will be the day 10 business days after the fulfillment of the transaction closing’s precedent conditions or will be decided through mutual agreement between the parties.
Q Capital, which will incorporate Chorokbaem Media as an affiliate, is the only PEF management company in Korea that has continuously invested in cultural content sectors such as films. It is recognized for building a successful portfolio by investing in films like “Parasite,” “Ashfall,” and “Exit.”
A company official stated, “Q Capital has early recognized the growth potential of domestic content sectors such as films and dramas and has been producing various achievements in related fields. Amid the ongoing K-content boom, this acquisition contract is the result of high evaluation of Chorokbaem Media’s excellent content production capabilities and growth potential.”
He added, “We expect Q Capital’s abundant experience and expertise in managing content funds, as well as its extensive network, to play a significant role in accelerating the company’s growth. We will maximize the synergy between the two companies and further enhance corporate value.”
Founded in 1998, Chorokbaem Media is a top-tier comprehensive media content production company in Korea with 27 years of experience. It can independently carry out all processes from planning to production and distribution of various content such as dramas and entertainment shows in a one-stop manner, and owns two captive channels, K-STAR and WeLike.
Through its subsidiary TN Entertainment, it operates a large-scale management business and also generates stable revenue through its restaurant and chicken franchise businesses as well as observatory rental business. The company expects that this change in the largest shareholder will not only create a more stabilized management environment but also positively affect the resumption of trading in the future.
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