Fantagio Gives Update On Legal Dispute And Shares Future Plans
Fantagio has shared an update on a legal dispute over management rights between the company and its major shareholder.
As a company listed on KOSDAQ, Fantagio (CEO Park Hae Sun) was involved in a legal battle with its largest shareholder, L&A Holdings, surrounding the rights to take control of the company. On September 9, it was revealed that Fantagio’s board of directors and L&A Holdings (CEO Park Sun Hoo) have reached an amicable agreement, ending the legal dispute.
Fantagio stated, “Our current board of directors and L&A Holdings met on September 8 at Gangnam District in Seoul. Both parties agreed to withdraw from the lawsuits they’ve filed without qualification surrounding the dispute over the right of management.”
They continued, “Both parties have moved on from any bad feelings caused by the dispute, and they have agreed to work together to take on future management.”
The dispute began in April of this year when L&A Holdings became Fantagio’s largest shareholder. The previous largest shareholder was Gold Finance Korea, the Korean branch of JC Group, a Chinese real estate and investment company that became Fantagio’s major shareholder in 2017.
The legal dispute intensified following misunderstandings between the new shareholder and Fantagio’s management. However, their recent meeting resulted in an agreement on joint management, with no strings attached.
Fantagio said, “Both parties have agreed to invest their capital and power in the name of global Hallyu [the Korean Wave] with the help of Fantagio’s abilities as a company that includes idol groups ASTRO, Weki Meki, and many actors.”
They continued, “Together with the power of a variety show producer who used to work with one of the three major broadcasting stations and the head of the culture department of a daily newspaper, we plan to create stars who will lead the new Korean Wave. Our major shareholder, L&A Holdings, has decided to focus on finding new business fields and securing the funds necessary to run the company.”
Fantagio’s CEO, Park Hae Sun, is the former head of the variety department at KBS. Vice president Oh Gwang Soo, who joined the company recently, previously worked as a pop culture journalist for the newspapers Kyunghyang Shinmun and Sports Kyunghyang.