Rainbow Bridge World (RBW) said it has secured more than 70 percent of WM Entertainment shares through a stock purchase agreement. Financial terms were not disclosed. WM Entertainment became a subsidiary of RBW, but the label would maintain its current management and independent operation.
With the acquisition of WM Entertainment, RBW, which is home to artists such as Vromance, Onewe, Oneus and Purple Kiss, would develop new strategic businesses based on intellectual property and actively expand its global presence.
"WM Entertainment is a company that has grown rapidly in the domestic and foreign entertainment markets based on its ability to discover and foster artists," RBW founder Kim Jin-woo said, forecasting a great synergy.
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