NHN Bugs decided to dispose of 1,000,000 treasury stock and announced it on the 29th. The expected disposal amount is 11.638,000,000 won, and the scheduled disposal period is November 30th.
The purpose of the disposal is to secure funds for investment in new content and to increase the number of shares in circulation.
NHN Bugs has always established itself as a leading company in the domestic music market through new attempts and active investment for the past 21 years. By securing ‘original content’, it intends to expand its business area into an all-round entertainment content company beyond music services.
Earlier, on the morning of the 29th, a contract was signed with Red Nine Pictures and Xanadu Entertainment for the production of music cinema ‘Soundtrack #1’. It is planned to be released in 2022.
Starting with this, NHN Bugs intends to continue investing in new content to secure ‘original content’, and plans to target entertainment content that does not limit the scope of music, such as new media, performances, audio, drama, and VOD.
|By Lee Myung-gyu, staff reporter [email protected]|