Fantagio Music CEO Woo Young Seung Fired + Futures Of ASTRO And Weki Meki Unclear
Fantagio Music, a subsidiary company of Fantagio Entertainment, has fired its former CEO Woo Young Seung.
On May 14, Woo Young Seung stated, “I submitted my letter of resignation and left the company today. I’m not happy that I left the artists that I’ve worked with since the beginning. I know that capital isn’t everything, so I’m cautiously looking forward.”
It was revealed that JC Group, a major shareholder of Fantagio, fired the former CEO of Fantagio Music at a Board of Directors meeting on May 11. It was also revealed that the secretary of Wei Jie, the current CEO of Fantagio Entertainment, will be taking Woo Young Seung’s place.
The termination of Woo Young Seung is a continuation of the internal difficulties that Fantagio Entertainment has been facing since last year. Previously, the founder and former co-CEO of Fantagio Entertainment Na Byung Jun was dismissed by JC Group and the Chinese co-CEO Wei Jie became the sole CEO of the agency. Na Byung Jun has since created a new agency, STARDIUM, along with other former Fantagio Entertainment staff members, who were also dismissed.
With Woo Young Seung’s termination, the future of artists at Fantagio Entertainment, such as Weki Meki, ASTRO, and Hello Venus, is unclear. Unlike actors who appear in dramas and films that are produced by other production companies and broadcasting stations, singers rely heavily on their agencies for producing their music. Wanna One’s Ong Seong Woo will not be affected for now, as he is currently managed under YMC Entertainment.
Another complication with Woo Young Seung’s dismissal is that there are no longer any agency heads or registered board members that meet the requirements of the Act on the Development of the Public Culture and Arts Industry in Fantagio Music or Fantagio Entertainment. Because of his dismissal, the agency is currently in violation of the act. The agency was previously under investigation by the Korea Entertainment Management Association (CEMA) as the company’s compliance with the Act on the Development of the Public Culture and Arts Industry came into question after former CEO Na Byung Jun was fired.
Fantagio Entertainment previously called for a general meeting of shareholders on May 4 and will be holding a extraordinary general meeting (EGM) of shareholders on June 18.