In a transaction that goes along with the trend of mergers and acquisition among entertainment firms, Wellmade StarM has purchased DreamT Entertainment. This was according to a report published by AllKpop.
Wellmade StarM said the company bought all of the shares of DreamT Entertainment for KRW1.1 billion, which is just under USD1.04 million. The acquisition deal aimed to expand Wellmade's business operations, the report said. From just being an artist management firm, the company will be able to expand into an entertainment business that creates content as well, the report explained.
In addition to the DreamT acquisition, Wellmade has also co-invested in the launching of a new firm called In The Street with artist Shinsadong Tiger. Moreover, the company has also bought out all of the shares of production agency Show21, the report added.
A representative of Wellmade StarM said, "If promoting artists was the primary goal of entertainment agencies up until now, from now on, not only artists but producing and selling content should be the new direction of entertainment."
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