Artist Studio (formerly Laemmongraean) Temporary Stockholders' Meeting...Entering an Emergency Management System
Jan 02, 2025
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According to the Financial Supervisory Service's electronic disclosure system on the 31st, the drama production company's artist studio held an extraordinary shareholders' meeting the day before (30th) and passed the dismissal of internal directors Kim Dong-rae and Yoon Hee-kyung as the original plan. It has been more than two months since the company replaced its internal board members with Artist United personnel at an extraordinary shareholders' meeting held at the end of October 2024.
Under the new capital increase contract signed in March last year, the new management demanded Kim Dong-rae's former representative Kim Dong-rae resign from the existing board and appoint a new board member several times. However, due to the failure to submit resignations of former CEO Kim and former executive director Yoon Hee-kyung, an extraordinary general shareholders' meeting was eventually held with the court's permission, and the existing board members were dismissed by shareholders' resolution.
Due to the approval of the dismissal of former CEO Kim and former executive director Yoon at the extraordinary general shareholders' meeting, Raemongraein changed its name to Artist Studio and launched a new one. Despite the history of producing killer content in both name and reality, (former) Raemongraein has been in the red in recent years, and its cumulative sales in the third quarter of 2024 were 23.6 billion won, down 30.4% year-on-year. In addition, the operating deficit has continued during the same period.
According to a company official, "Long-term deficits have been made in the entire management system, especially since 22, the scope has grown, and the company has no choice but to enter an emergency management system."We can survive in the infinite competition of the content market only if we change to a completely different form from 25."
After completing the establishment of the board of directors, the new management team plans to announce the 「Emergency Management Plan」 that emphasizes management efficiency in 2025 and begin to normalize management in earnest.
The emergency management plan reportedly includes plans to strengthen various content production capabilities, such as strengthening competitiveness in producing existing video contents such as movies and TV series, and entering new content markets such as short-form and AI-based content production.
(formerly) Raemongraein plans to conduct an internal due diligence and audit to determine the cause of the recent poor performance of its business year and to commercialize and visualize its content assets.
In order to realize such a plan concretely and efficiently, an emergency management committee chairman is also expected to be appointed.
It is known that Ahn Hyung-jo, CEO of Jidam Media, will be appointed as the emergency management committee chairman.
An artist studio official said, `The new emergency management committee chairman will do his best to develop and improve content production, which is (former) Raemongraein's main job, by strengthening the competitiveness of planning and production while reviewing the soundness and business feasibility of the contract assets at the Artist Studio (former) Raemongraein.'
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