so. if you haven’t been keeping up to date with things, check out this post before reading this, otherwise you likely won’t understand. for clarification, the management of fantagio is now 100% jc group.
to clear up something i said in my original post: the new fantagio music ceo is wei jie. he was secretary to woo youngseung before he was removed.
currently, fantagio entertainment owns 95% of fantagio music (normal, given that fantagio music is a subsidiary). gonna talk a bit about accounting now, so:
assets: “something [a] company owns that can provide future economic benefits”
liabilities: “money that must be paid or services that must be performed”
“a successful company has more assets than liabilities…a company whose liabilities exceed its assets is probably in trouble.”
(source) fantagio music currently has 1.6 billion won in assets (roughly USD$1.5 million), and 8.5 billion won in liabilities (roughly USD$8 million). fantagio music has a negative net worth of 6.9 billion won (roughly USD$6 million) as of 2017. fantagio said here that, “’since it is difficult to invest in the activities and support of our artists, we are not making good progress in spending.’” fantagio also said they “…will strive to normalize management.” fantagio also cited issues with their accounting (in addition with the negative net worth) their reasons for removing woo youngseung.
it’s important to remember that woo youngseung was pretty much the last line of defense between jc group and fantagio’s idol groups. jc group clearly wanted to remove him so that they would have full control, but, uh, things aren’t going quite as they probably planned.
(source) fantagio artists have filed for dispute adjustment/grievance mediation/settlement with the korean entertainment management association (CEMA), which means they’re trying to nullify their contracts. they applied last friday (march 11), the same day it was announced that woo youngseung would be removed from his position as ceo. fantagio has been caught operating while using na byungjun’s name (i’m assuming on legal documents, bills, anything honestly) even after he was removed from his position as ceo, which is super illegal. they’ve sent out bills four times, using na byungjun’s name. they’re currently being criticized for illegal sales (in addition to nobody having the right licenses/registration).
with the artists requesting a dispute settlement, their contracts will be investigated. if their contracts are recognized as illegal, the contracts will be null and the artists would be allowed to leave fantagio immediately without any extra legal responsibility.
the article doesn’t say who exactly has filed for dispute settlement, but we can just hope that its all of their artists?
for now, we can simply wait for updates and wait for CEMA to finish their investigations. the next board meeting (the egm, extraordinary general meeting of board of directors) is on june 16. it appears then is when we’ll have more information and an outcome, perhaps?
check my fantagio ask tag to see more information through asks. check mj fantagio update tag for actual update posts. feel free to come to my inbox and ask any other questions you may have! i’ll do my best to answer every question and hopefully clear up confusion.
