RBW Entertainment announced on April 7 that it would be acquiring WM Entertainment, which is the agency of South Korean groups as Oh My Girl, B1A4 and ONF, as well as singer Lee Chaeyeon of IZ*ONE. RBW completed a sales and purchase agreement with WM Entertainment’s biggest shareholder on March 31, acquiring 70 per cent of its shares and procuring the agency as a subsidiary.
Kim Jinwoo, CEO of RBW Entertainment, cited WM Entertainment’s “rapid” growth in the entertainment industry as well as its “capabilities in discover and training artists” as reasons for the purchase. WM Entertainment will continue to operate as an independent agency under RBW and retain their current operations and management.
“As each company has accumulated different know-hows, we will display new synergy while working together,” Kim added. “Developing strategic business based on content IP, we will work to lead K-content culture across the world beyond Korea.”
In other RBW news, MAMAMOO’s Hwasa recently become the third member of the group to renew her contract with RBW Entertainment, following fellow band members Moonbyul and Solar.
RBW Entertainment added that it is still in discussions with remaining member Wheein. The agency also assured fans that there will be “no dissolution of MAMAMOO”, adding that it plans to fully support the members’ activities both as a group and as soloists.