Loen acquires large stake in StarshipLoen Entertainment, the management home of singer IU, said Wednesday that it bought a 70 percent stake in Starship Entertainment for 15 billion won ($14.2 million).
Starship is the agency of many idols, including Sistar and Boyfriend.
“Since September, we have been reviewing our options to invest in an entertainment management agency that shows potential,” said Loen.
“As Starship has been great at producing quality content and shows excellence in assisting its artists, we have seen some sustainable growth momentum and decided to invest in the company as of Wednesday.”
With this acquisition Loen will try to expand its business more fiercely in the global market. The company also plans to hire more talent producers and acquire other management agencies. However, it won’t interfere much with Starship when it fosters and assists already-signed artists or produces other content.
“We will continue keeping the culture of the acquired company so that we can create some synergy and competitiveness, in order to eventually contribute in spreading Korean pop in the world,” said Loen.
By Lee Sun-min