CRAVIA Inc. (6573) said its board on Oct. 6 approved buying 100,000 shares, or 50.0% of the voting rights, in South Korean entertainment company Redstart ENM Inc. from its representative director Gong Hun-cheul for 50,000 won (¥5,000), making it an equity-method affiliate, and lending it up to 1.5 billion won (about ¥165 million) in working capital.
Seoul-based Redstart ENM, founded on Nov. 11, 2022, operates as a record label and talent agency. Its roster includes TIOT, a five-member boy group built around alumni of survival shows such as BOYS PLANET, as well as other idol groups and actors. The two companies plan joint projects in Japan and South Korea, and management rights related to TIOT are to be transferred to CRAVIA. The deal was introduced by CRAVIA's major shareholder SAMURAI JAPAN INVESTMENTS PTE. LTD.
Financial due diligence by a South Korean accounting firm found Redstart ENM was effectively in a negative net worth position as of end-December 2025, so no share value could be derived from net assets. The parties instead set a nominal transfer value of 100,000 won (¥11,000) for all 200,000 outstanding shares. CRAVIA will send two directors to Redstart ENM's four-member board.
The loan carries an annual interest rate of 6%, with each tranche repayable with interest in 36 monthly installments starting the month after drawdown. Gong is to serve as joint guarantor. CRAVIA will fund it with part of the proceeds from a third-party allotment announced Feb. 26, 2026, and separately announced a change in the use of those funds on the same day.
| Item (thousand won) | FY Dec. 2024 | FY Dec. 2025 |
|---|---|---|
| Revenue | 2,107,942 | 737,977 |
| Net income | 123,958 | -256,329 |
| Net assets | 256,471 | 141 |
The fiscal 2025 figures are based on Redstart ENM's own financial statements; CRAVIA's due diligence made adjustments including booking 922,335 thousand won in unsettled advances from a record distributor as liabilities.
Next steps: The second and third tranches of 500 million won (about ¥55 million) each are subject to a review of earlier fund usage and Redstart ENM's financial condition, as well as CRAVIA board approval, and are currently expected in February and August 2027.
| Hikari Tsushin, Inc. | |
| Offer price | ¥1,000 per common share |
| M&A / TOB | 1 |
| Guidance | 0 |
| Buybacks | 0 |
| Dividends | 0 |
| Capital | 0 |
| Earnings | 0 |
| People | 0 |
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