RBW Entertainment Has Acquired WM Entertainment
It was reported by Paxnet News in South Korea, that RBW Entertainment has acquired WM Entertainment. RBW Entertainment is home to top girl group, MAMAMOO and rookies Oneus and Purple Kiss, while WM Entertainment houses OH MY GIRL, ONF, B1A4 and IZ*ONE‘s Chaeyeon.
Through the merger and acquisition, they plan on expounding on the domestic and global market, raising the profile of their many groups.
RBW Entertainment recently bought over shares from WM Entertainment’s largest shareholder after signing a sale of shares agreement. They have completed trading on March 31, 2021. As RBW Entertainment has secured over 70% of WM Entertainment shares, they have acquired the firm as a subsidiary.
Although WM Entertainment started as a small company, they have since recorded 12.8 billion KRW in sales and 1.8 billion KRW in operating profits in 2020. On the other hand, RBW Entertainment hit its stride in 2020 despite the pandemic. They made a total of 37.2 billion KRW in sales and 7.6 billion KRW in operating profits in 2020.
Regarding the merger, the CEO of RBW Entertainment, Kim Jin Woo, stated that WM Entertainment has grown rapidly both domestically and globally, thanks to its ability to discover and foster artists. They plan on developing content IP projects to lead the Hallyu wave.