Seoul [South Korea], November 17 (ANI/Global Economic): Korean comedian and MC Yoo Jae-suk has become a shareholder of Kakao Entertainment. He reportedly refused Kakao's offer, but participated in recent capital increase with singer Yoo Hee-yeol, the head of his agency Athena Music. They will focus on expanding and growing Athena's business.
"Yoo Jae-suk participated in the paid-in capital increase," said Kakao Entertainment on the 16th. "He decided to participate in capital increase under the partnership with CEO Yoo Hee-yeol and responsibility as an Antenna's artist."
Kakao Entertainment previously proposed Yoo Jae-suk, who was recently recruited to Antenna Music, to join the shareholder in July. It proposed stock options and paid-in capital increase. He reportedly turned down the offer because he doesn't want to join the shareholding structure. But he participated in the recent capital increase, and the detailed amount was not disclosed.
Kakao Entertainment announced that it issued new 539,957 shares worth 137.7 billion won to 35 people, including singer Yoo Hee-yeol, through a third-party allocation capital increase last month. Yoo Hee-yeol had invested 7 billion won in cash and has acquired 27,438 shares (0.07% stake) of Kakao Entertainment.
It is analyzed that Yoo Hee-yeol raised funds to participate capital increase by selling his company Antenna to Kakao Entertainment. Kakao Entertainment acquired about 19% stake and convertible bonds (CB) issued by Antenna in May. It acquired all of the remaining shares in August, three months later. A total investment amount was 13.9 billion won. As the transfer income tax rate incurred in the process of selling Antenna reaches up to 27.5%, Yoo Hee-yeol seems to have reinvested all of his cash into Kakao Entertainment.
The antenna agency includes artists such as singer Jung Jae-hyung, Toy, Lucid Fall, Peppertones, Jung Seung-hwan, Kwon Jin-ah, Sam Kim, and Jukjae. On the 1st of last month, Kakao Entertainment released a web entertainment program 'Antenna TV: 'Antenna TV: Udang Tangtang Antenna,' featuring Antenna's artists. (ANI/Global Economic)