Honestly, I haven’t been keeping up with this Fantagio corporate drama at all, but it did stick out to me when the Korea Entertainment Management Association (KEMA) disqualified them from membership after determining they no longer met their requirements.
At a recent board meeting, KEMA decided that Fantagio has been disqualified as a member of the organization because it does not meet the requirements outlined in the Act on the Development of the Public Culture and Arts Industry.
As for the corporate drama, it’s a mess.
Many have accused Fantagio of operating illegally following the dismissal of its former co-CEO Na Byung Jun last year. Chinese investment group JC Group’s Korean branch Gold Finance Korea became Fantagio’s largest shareholder in October of 2017, and JC Group dismissed Na Byung Jun in December. Former co-CEO Wei Jie of JC Group became the sole CEO of Fantagio. The agency now no longer has executives or board members that meet the requirements of the Act on the Development of the Public Culture and Arts Industry, and it still continues to operate under Na Byung Jun’s name. Fantagio has operated for more than 100 days without appointing a new director that meets the requirements.
A Fantagio rep has said that once they meet KEMA requirements, they will try for a review.
KEMA sent four official documents about this matter to Fantagio to request for confirmation. After Fantagio confirmed the company’s current situation, KEMA notified Fantagio via a document that its membership has been lost. A source from Fantagio has stated to news outlet Sports Today, “It’s true that we received the document. When we meet the KEMA’s requirements, we will try to receive a review.” KEMA has confirmed that a review could take place once the agency meets the requirements.
As you can imagine, some artists under Fantagio are not happy with this shit and just want to talk it out, bro.
It was previously reported that several artists under Fantagio are seeking mediation through KEMA about their exclusive contracts with the agency. A source from KEMA has confirmed that as the actors themselves are still members of the organization even though Fantagio has lost its membership, the mediation will occur, with a date planned to be confirmed next week. Fantagio is currently the agency of approximately 30 celebrities, including Seo Kang Joon, Gong Myung, Kang Han Na, Hello Venus, Weki Meki, ASTRO, Wanna One’s Ong Seong Woo, and many more.
Don’t have much to say about this because I really haven’t been following closely but … boy this doesn’t sound too great!