Following the news of Fantagio Music’s former CEO Woo Young Seung being fired, Fantagio Music has spoken up.

A source from Fantagio Music said, “After the Board of Directors meeting on May 11, CEO Woo Young Seung submitted his resignation today.”

The source explained, “Fantagio owns 95 percent of Fantagio Music’s shares as Fantagio Music is a subsidiary of Fantagio Entertainment. According to numbers from 2017, Fantagio Music’s assets were worth 1.6 billion won (approximately $1.5 million), debt amounted to 8.5 billion won (approximately $8 million), and it had complete impairment of capital due to net assets amounting to -6.9 billion won (approximately -$6.5 million). Since it’s difficult to invest in Fantagio Music’s artists and their promotions, payments on essentials like taxes and utility bills are not being made.”

The source continued, “Fantagio deemed that Fantagio Music’s financial structure needed improvements and a change in CEO was necessary in order to invest in our artist in a speedy and active manner. Thus, a Board of Directors meeting was summoned on May 11 and the replacement of the CEO was decided upon.”

The source concluded, “Following the replacement of the management, Fantagio, as Fantagio Music’s largest shareholder and largest creditor, will do its best in the normalization of management and actively work on investing in and supporting our artists. We will employ management who have abundant experience and professionalism in order to be more active with promotions.”

Fantagio Music is currently home to ASTRO, Weki Meki, Hello Venus, and more.

Source (1)