RBW acquires Urban Works, a production company specializing in entertainment and drama contents. RBW recently held a board meeting and decided to acquire a 50% stake in the management of Urban Works. RBW will purchase 300,000 shares (50% stake) of Urban Works owned by WYSIWYG Studio at 33,333 won per share, and the stock purchase contract will be signed on January 2 next year. Afterwards, he plans to complete the balance payment during the first half of the year and officially become the largest shareholder of Urban Works.
Kim Jin-woo, CEO of RBW, said, "We plan to plan and produce various content marketing programs to maximize the value of our artists and music IP through the acquisition of Urban Works." We look forward to creating strong synergies with each other as much as we have done.”
Urban Works is a comprehensive media company established in March 2009. KBS2 'The Return of Superman', SBS 'Running Man', Channel A 'Oh Eun-young's Counseling Center', tvN 'Black Dog', OCN 'Bad Guys', etc. New media content planning, celebrity management etc. as its main business. Recently, it has expanded its business areas to include marketing agency, CF production, and media advertisement execution. In particular, 'Vietnam Running Man Season 1' produced by Urban Works recorded 370 million views and 1st place in real-time viewership ratings, and 'Philippine Running Man Season 1' recorded a share of about 50% in GMA, a Philippine terrestrial channel. It aired on and garnered a lot of attention.
With this acquisition, RBW will strengthen its content production capabilities. In addition to music, we will promote the establishment of strategies to expand the scope of content production to dramas, entertainment, and movies.
CEO Kim said, “It can be seen that a strong production infrastructure is created that can create various synergies by utilizing our 7,000 music IPs in dramas, entertainment, and movies.” I will do my best,” he emphasized.
RBW was founded in 2010 by CEO Kim and CEO Do-hoon Kim. In March of last year, following the acquisition of WM Entertainment, which houses Oh My Girl and B1A4, in January of this year, DSP Media, an entertainment company with 30 years of tradition, was incorporated as a subsidiary. Recently, Kara, who belonged to this company, successfully led the comeback with a full lineup after about 7 years.
