Chahwaon in M&A Talks

One Hundred, led by Cha Ga-won, Chairman of the PiaK Group (and CEO of Big Planet Made Entertainment), has begun merger and acquisition (M&A) negotiations with the marketing tech company Orbit. One Hundred stated that Orbit expressed its intention to act as a "white knight" for One Hundred, which has recently faced a crisis due to illegal hostile takeover attempts by external forces. The discussions aim to stabilize One Hundred's management rights and build an alliance for global market expansion.

One Hundred announced that the core of their discussions involves a plan to immediately pursue management normalization based on Orbit's capital. They also explained that they have been experiencing management difficulties, including a decline in external credibility and distortions in cash flow, due to the organized collusion and malicious false reporting by Nomus, Cha Jun-young, and certain media outlets. Orbit presented a roadmap to address artist payment issues as the top priority with the capital secured through the M&A, expressing its commitment to creating an environment where artists can focus solely on their creative activities.

Lawyer Hyun Dong-yeop, legal representative for One Hundred, assessed that the initiation of these discussions will be a decisive turning point to neutralize the opposing party's illegal hostile M&A attempts and stabilize the company. He also emphasized that through discussions with Orbit, they will strongly pursue all legal actions, including a lawsuit for 100 billion won in damages, in a more stable environment.

A representative from One Hundred stated that these strategic M&A discussions are an expression of their determination to protect their artists and fans until the end, despite external pressures. They also expressed their ambition to establish a new order in the entertainment market by deriving the best solutions for management normalization and global advancement.

Previously, One Hundred, led by Cha Ga-won, experienced a series of departures from its affiliated artists. The Boyz, Lee Seung-gi of the subsidiary label Big Planet Made Entertainment, Viviz, B.O.Y, Lee Mujin, and EXO-CBX of INB100 notified their exclusive contract terminations, while Taemin terminated his exclusive contract and transferred to Galaxy Corporation.