Published : Aug. 31, 2016 - 13:39
[
THE INVESTOR] Music portal service provider
Bugs, a subsidiary of
NHN Entertainment, will take over HOW Entertainment, it announced on Aug. 31.
Bugs will acquire 70 percent stake in the entertainment company for 11 billion won (US$9.82 million), with 11,951 existing shares and 6,390 shares to be issued for capital increase, to diversify its business to cover K-pop contents production, distribution and consumption.
HOW Entertainment was established in September 2015 and represents artists such as Hwang Chi-yeul, Mamamoo and Geeks. Its revenue in the first half of this year was 4.1 billion won.
By Hwang You-mee (
glamazon@heraldcorp.com)