[Edaily Reporter Shin Ha-yeon] #ArtistCompany has established a strategic partnership with Studio Jidam to strengthen its core business competitiveness.

According to the Financial Supervisory Service’s electronic disclosure system on the 2nd, Artist Company has decided to transfer 408,345 shares of Artist Studio it currently holds to Studio Jidam. The sale price is 13,469 won per share, with the total sale amount totaling approximately 5.5 billion won.

The company plans to use the funds secured from this share sale as investment capital to pursue new business ventures and strengthen the competitiveness of its core businesses.

Director Lee Jung-jae, an inside director and major shareholder, also participated in this transaction. Director Lee Jung-jae decided to sell 408,345 shares from his personal holdings under the same terms and price as Artist Company.

The company explained that the participation of key executives in the transaction under the same terms demonstrates the transparency of the deal and the management’s commitment to responsible governance.

On the same day, Artist Company also signed a joint voting rights agreement to add Maeil Broadcasting Network (MBN) and Studio Jidam as special related parties. Both companies are existing holders of Artist Company’s exchangeable bonds (EBs).

Through this agreement, the company plans to strengthen its base of friendly shareholders while expanding synergies in the media and commerce sectors by collaborating with partner companies that possess content production capabilities.

An Artist Company official stated, “We have taken steps to secure liquidity in order to proactively respond to the rapidly changing content and media market environment,” adding, “We plan to focus the secured funds on building new business models and strengthening the competitiveness of our existing businesses.”