Fantagio released an update on a legal battle over management rights between the company and its major shareholder.
As a company listed on KOSDAQ, Fantagio (CEO Park Hae Sun) was embroiled in a lawsuit with its largest shareholder, L&A Holdings, over the rights to take control of the company. On September 9, it was announced that Fantagio’s board of directors and L & A Holdings (CEO Park Sun Hoo) had reached a friendly agreement that would end the litigation.
Fantagio stated, “Our current Board of Directors and L&A Holdings met on September 8th in the Gangnam District of Seoul. Both parties have agreed to withdraw from the lawsuits they have filed, without qualification, in connection with the management law dispute. “
They continued, “Both parties have said goodbye to the bad feelings caused by the dispute and have agreed to work together to take over future management.”
The dispute began in April of that year when L & A Holdings became Fantagio’s largest shareholder. The largest shareholder to date was Gold Finance Korea, the Korean subsidiary of JC Group, a Chinese real estate and investment company that became Fantagio’s major shareholder in 2017.
The dispute intensified after misunderstandings between the new shareholder and Fantagio’s management. However, their most recent meeting resulted in an unconditional shared management agreement.
Fantagio said, “Both parties have agreed to invest their capital and power on behalf of the global Hallyu [the Korean Wave] with the help of Fantagio’s skills as a company that also includes idol groups ASTRO, Weki Mekiand many actors. “
They continued, “Combined with the power of a variety producer who previously worked with one of the three major broadcasters and the head of the cultural department of a daily newspaper, we plan to create stars who will lead the new Korean wave. Our main shareholder, L&A Holdings, has decided to focus on finding new business areas and securing the funds necessary to run the company. “
Park Hae Sun, CEO of Fantagio, is the former head of the variety division at KBS. Vice President Oh Gwang Soo, who recently joined the company, previously worked as a pop culture journalist for Kyunghyang Shinmun and Sports Kyunghyang newspapers.
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