The production company Artist Studio (formerly Raemongraein), of which actor Lee Jung-jae is a major shareholder, has entered an emergency management system following a change in management.
According to the Financial Supervisory Service's electronic disclosure system on the 31st, the drama production company Artist Studio held an extraordinary general meeting of shareholders the day before and passed the dismissal of internal directors Kim Dong-rae and Yoon Hee-kyung as originally proposed. This comes just over two months after the internal board was replaced with personnel from Artist United at an extraordinary general meeting held at the end of October 2024.
An official from Artist Studio stated, “The new management has repeatedly requested the resignation of the existing board members and the appointment of new board members in accordance with the paid-in capital increase contract signed in March last year with the former CEO Kim Dong-rae. However, due to the failure of former CEO Kim and former internal director Yoon Hee-kyung to submit their resignation letters, we ultimately had to hold an extraordinary general meeting with the court's permission, and the existing board was dismissed by the resolution of the shareholders.”
With the approval of the dismissal of former CEO Kim and former internal director Yoon at the extraordinary general meeting, Raemongraein has changed its name to Artist Studio and is set to launch anew.
A representative from Artist Studio stated, “The previous management system has been experiencing long-term deficits, and especially since 2022, the extent has increased to the point of affecting the company's existence, making it inevitable to enter an emergency management system. Starting in 2025, we must change completely to survive in the fiercely competitive content market.”
The new management, having completed the board formation, plans to announce an 'emergency management plan' emphasizing management efficiency in 2025 and will actively work towards normalizing management.
The emergency management plan reportedly includes not only cost reduction and efficiency measures but also plans to strengthen the competitiveness of existing video content production, such as films and TV series, as well as to enhance content production capabilities for new markets, including short-form and AI-based content production.
It is said that Ahn Hyung-jo, CEO of Jidam Media, will be appointed as the chairman of the emergency management committee.
