The Korea Herald


Top comedian Yoo Jae-suk becomes Antenna Music's third-largest stakeholder

By Choi Jae-hee

Published : June 27, 2023 - 14:42

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Comedian Yoo Jae-suk (Courtesy of Antenna Music) Comedian Yoo Jae-suk (Courtesy of Antenna Music)

Yoo Jae-suk, arguably the biggest television celebrity in Korea, has become the third-largest shareholder of his entertainment agency, Antenna Music, according to news reports Monday.

He reportedly bought a 20.7 percent stake in the unlisted firm from its largest shareholder, Kakao Entertainment, for 3 billion won ($2.3 million) on Jun. 9.

In a separate deal, Antenna CEO Yoo Hee-yeol has acquired a 21.37 percent stake in the firm.

With the transactions, Kakao’s shareholding in Antenna fell to 57.93 from 100 percent. Kakao in 2021 had taken over the firm from its founder and current CEO Yoo Hee-yeol for 10 billion won.

Antenna Music, founded by the veteran singer-songwriter in 1997, started off as a music label but has since grown into a full-fledged talent management agency, now representing a plethora of musicians and artists, including Mijoo, Lucid Fall, Kwon Jin-ah, Sam Kim, Lee Jin-ah, Jung Seung-hwan and Jukjae. The comedian Yoo Jae-suk, however, is by-far the biggest name under its management.

Industry sources said Yoo Jae-suk’s equity purchase signals his intention to participate in Antenna’s management, particularly in its content-related business.

It marks the first time the comedian has made a strategic investment in an entertainment agency.

Antenna’s entertainment studio, Antenna Plus, recently opened a YouTube channel, dubbed “Ddeun Ddeun,” to produce various music and entertainment content. Yoo currently hosts one of its programs, “Pinggyego,” a talk show that features top celebrities.