Entertainment agency Fantagio has moved the payment deadline for its 16.9 billion won ($12.7 million) rights offering to December.
Fantagio announced Tuesday that it had pushed back the payment date for the 16.93 billion won rights offering from the original Aug. 11 to Dec. 10. It is the third time the company has changed the schedule.
Fantagio launched the rights offering in July to raise funds for production costs covering albums, performances and drama series.
At the time, the company told shareholders that "the timing of capital needs is imminent given content production schedules" and that it had chosen a general public offering method because "the process is relatively swift." The explanation signaled an urgent need to secure funds without disrupting production timelines.
The fundraising schedule has since been repeatedly delayed. The company first moved the payment date from Aug. 4 to Sept. 4, then pushed it back again on Aug. 28 to Oct. 16. On Oct. 7, it delayed the date once more to Dec. 10.
Also drawing attention is the status of the Sageuk drama tentatively titled "Uinyeo Daejanggeum," a period piece starring Lee Young-ae that Fantagio announced it would produce.
In January 2024, Fantagio announced it had signed Lee Young-ae and a screenwriter for the project, with a target broadcast date of early 2025. The working title was given as "Uinyeo Daejanggeum."
Production on another project, a 24-episode Sageuk drama tentatively called "Drama J," has also been delayed.
Fantagio said "discussions with broadcasters and channel operators on production and scheduling have been delayed," and disclosed that it had revised its spending plan for the 9.82 billion won in unspent funds remaining from the 15.14 billion won in production costs it had previously secured.
Of the remaining 9.82 billion won, the company plans to use 5.2 billion won to cover outstanding production costs for "Kim Bujang" and 4.62 billion won for production of "Eomma-ga Michyeosseoyo."
Meanwhile, Fantagio's roster includes Cha Eun-woo, Kim Seon-ho, Moon Ga-young, Lee Sung-kyung, Lee Se-young, Baek Yoon-sik and Ong Seong-wu, as well as the group Astro and singer Lee Chang-sub.
min3654@heraldcorp.com
