Kim Ho Joong's agency, Think Entertainment, which had been expected to follow the steps towards closure has recently changed its name instead.

According to a June 20 report by Munhwa Ilbo, Think Entertainment, Kim Ho Joong's agency, is likely to continue with other businesses, excluding entertainment management.

According to the registration documents obtained by the media, the company has changed its name to 'Art M&C.' The registration process was completed on June 11.

It has been reported that Think Entertainment is not shutting down. Normally, to close a company, specific steps must be taken, including officially dissolving the company and appointing a liquidator. The company's registration document would then show it as 'dissolved,' and all positions, except the auditor and liquidator roles, would be terminated.

However, Think Entertainment's records show no such actions. Instead, the company recently made changes by appointing Mr. Lee as the new representative, replacing the previously detained CEO Lee Kwang Deuk. They also named Mr. Yeon as the new internal director on June 11, the same day the company's name was changed.

One of the major shareholders of the company, broadcaster Jung Chan Woo, still serves as the auditor. Jung Chan Woo was first appointed as an auditor in March 2020, completed his three-year term, and was reappointed in March 2023.

Think Entertainment has never officially declared closure. In a statement released on May 27, they said, "We have decided on the resignation of all executives and employees and the change of the CEO in connection with this incident, and we are reviewing the continuation of the management business," adding, "We intend to terminate exclusive contracts with affiliated artists without any conditions, prioritizing their opinions."

According to the audit report filed with the Financial Supervisory Service's electronic disclosure system obtained by the media, the company recorded approximately 18.7 billion KRW (13.45 million USD) in sales and 3.4 billion KRW (2.45 million USD) in profit in 2023. However, it is reported that they have over 12.5 billion KRW (9 million USD) in advance payments, which appears to be pre-received performance revenue from Kim Ho Joong.

Therefore, even if they decide to close, if it is confirmed through the liquidation settlement report that the liabilities exceed assets, they must follow the 'corporate bankruptcy' procedure rather than closing the corporation.

An industry insider predicted, "If they decide to close in the current situation, all shares would become worthless, so it is not an easy decision to make. They will likely restructure the company, excluding entertainers like Kim Ho Joong, after changing the company name."

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