JYP Entertainment Corporation completed the acquisition of JYP Entertainment Co., Ltd. from LOEN Entertainment, Inc., Mediacorp, Inc., Jin-Young Park and other sellers.
December 08, 2013 at 11:00 pm EST
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JYP Entertainment Corporation (KOSE:A035900) entered into a contract to acquire JYP Entertainment Co., Ltd. from LOEN Entertainment, Inc. (KOSE:A016170), Mediacorp, Inc., Jin-Young Park and other sellers for KRW 51 billion in stock on June 19, 2013. JYP Entertainment Corporation will issue 3.7697551 shares for each share of JYP Entertainment Co., Ltd. Jin-Young Park will sell 44.17% stake, LOEN Entertainment, Inc. will sell 25.45% stake and Mediacorp, Inc. will sell 18.40% in the transaction. JYP Entertainment Co., Ltd will be merged with JYP Entertainment Corporation after the transaction. The Board of Directors of JYP Entertainment Corporation resolved the merger on June 19, 2013. The shareholder confirmation date for the general meeting of shareholders for merger for JYP Entertainment Corporation and JYP Entertainment Co., Ltd. is September 10, 2013. The transaction is expected to close on November 15, 2013.
As of August 23, 2013, the transaction exchange ratio has been revised to 1:3.5399361. As of August 30, 2013, the transaction exchange ratio has been revised to 1:3.5367412. As on September 13, 2013, transaction was approved by shareholders of JYP Entertainment Co., Ltd. As of October 22, 2013 LOEN Entertainment, Inc. has completed the sale of stake in JYP Entertainment Co to JYP Entertainment Corporation.
JYP Entertainment Corporation (KOSE:A035900) completed the acquisition of JYP Entertainment Co., Ltd. from LOEN Entertainment, Inc. (KOSE:A016170), Mediacorp, Inc., Jin-Young Park and other sellers on December 9, 2013.
JYP Entertainment Corp is a Korea-based company engaged in the entertainment business. The Company operates its business through two segments. The Management Business segment provides advertising services and operates concerts and events. The Music Business segment is engaged in music planning, production, and sales, and provides singers casting and training. The Company also engages in the licensing business.
JYP Entertainment Corporation completed the acquisition of JYP Entertainment Co., Ltd. from LOEN Entertainment, Inc., Mediacorp, Inc., Jin-Young Park and other sellers.