April 25, 2024

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[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)