Chorokbaem Media

Chorokbaem Media, founded in 1998, is a drama production company known for hit series including 'All In,' 'Jumong,' 'Chuno,' 'My Mister,' and the 'Penthouse' franchise.

Its current operations span broadcast program production and distribution, cable channel operation (K-STAR and Welike), celebrity management, and food-and-beverage (F&B) franchise business. The management segment operates through subsidiary TN Entertainment, which also runs F&B brands.

As of the third quarter of 2024, reported revenue mix by segment was broadcast (programs and channel advertising) at roughly 38.9%, F&B business at about 32.5%, and management business at approximately 26.4%.

In November 2024, QCP Media Holdings, a special-purpose vehicle affiliated with Q Capital Partners, acquired a 39.33% stake (9,616,975 shares) from former controlling shareholder CT Property (formerly Chorokbaem Company) for KRW 180 billion, transferring control, with the board subsequently replaced entirely by Q Capital-affiliated executives at an extraordinary shareholders meeting.

Former subsidiary S-Medi (now Metacare) was divested as part of pre-sale preparations. The company was folded into the Curo Group and has since undergone changes to its funding structure, including large convertible bond issuances earmarked for content production.

Comparable listed peers cited in the sector include Keyeast, Contentree Corp, SM Culture & Contents, YG Entertainment, and FNC Entertainment.

Annual revenue peaked at KRW 241.3 billion in 2023 after rising from KRW 192.5 billion in 2022, then declined for two consecutive years to KRW 210.3 billion in 2024 and KRW 172.2 billion in 2025.

Operating profit swung from a KRW 5.6 billion gain (2.9% margin) in 2022 to losses of KRW 0.3 billion (-0.1%) in 2023 and KRW 15.4 billion (-7.3%) in 2024, before returning to a KRW 2.8 billion profit (1.6% margin) in 2025.

Owner net income followed a similar path, moving from losses of KRW 45.3 billion in 2022, KRW 42.2 billion in 2023, and KRW 4.0 billion in 2024 to a KRW 2.8 billion profit in 2025.

However, much of this 2025 turnaround was concentrated in the fourth quarter, when operating profit reached KRW 1.5 billion and owner net income jumped to KRW 8.9 billion, raising the possibility that one-off factors contributed to that quarter's improvement.

Indeed, the second quarter of 2025 (operating loss of KRW 1.1 billion, net loss of KRW 5.1 billion) and third quarter (operating profit of just KRW 0.06 billion, net loss of KRW 1.7 billion) remained weak, and both the first quarter of 2026 (operating loss of KRW 0.8 billion, net loss of KRW 1.9 billion) and second quarter (operating loss of KRW 0.5 billion, net loss of KRW 2.0 billion) reverted to operating losses.

Over the trailing four quarters (Q3 2025 through Q2 2026), owner net income totaled KRW 3.3 billion, keeping the annualized figure in profit territory, though quarter-to-quarter volatility warrants continued monitoring.

Operating cash flow, meanwhile, remained consistently positive at KRW 49.6 billion in 2023, KRW 54.3 billion in 2024, and KRW 36.0 billion in 2025 despite the earnings swings, a pattern typical of content producers given timing differences between production costs and licensing revenue recognition.

The debt ratio also fell steadily from 49.1% in 2022 to 29.8% in 2025, pointing to a gradually stabilizing balance sheet.

Korea's drama production industry currently faces a combination of expanding programming slates from global OTT platforms (Netflix, Disney+, Coupang Play, etc.) and rising production-cost inflation concentrated in tentpole projects.

Shrinking broadcaster programming slots alongside intensifying OTT original competition create a dual squeeze on small and mid-sized production houses—fewer programming opportunities paired with higher production costs.

Chorokbaem Media's historical strength lies in terrestrial and cable programming, but its recent multi-year revenue decline highlights a widening capital gap versus large-scale content studios such as Studio Dragon and CJ ENM Studios.

Across the industry, companies are increasingly diversifying revenue through IP library resale into overseas markets, short-form and mid-form content, and AI-assisted production; Chorokbaem has pursued similar initiatives, including hosting its own 'AI Content Festival' in 2026 with contest categories spanning advertising, music videos, and short-form dramas.

Whether these newer initiatives can meaningfully supplement core drama production revenue, however, remains unconfirmed. The management and F&B businesses can provide relatively steadier cash flow compared with content production, but they carry separate industry risks tied to intensifying franchise competition.

Since the change of controlling shareholder at the end of 2024, the company has focused on resolving governance risk, passing the first stage of normalization when trading resumed in April 2025.

A KRW 50 billion convertible bond issued in March 2025 (conversion price KRW 5,400) was earmarked entirely for content production costs, positioning it as a funding source for future large-scale drama programming and supply contracts.

That bond becomes convertible from March 28, 2026, and bondholders' quarterly put option becomes exercisable starting September 28, 2026—18 months after issuance—carrying a guaranteed annual yield of 8%, meaning actual redemption requests could affect the company's cash flow.

Q Capital Partners has a track record of acquiring and turning around distressed companies such as Youngpoong Paper and Curo CC, though those turnarounds reportedly took several years to complete, suggesting Chorokbaem's normalization may likewise be a medium-to-long-term project rather than a quick fix.

Diversification continues through F&B brand expansion and management-business growth under subsidiary TN Entertainment.

As of the time of this research, however, no specific, company-confirmed drama programming schedule or earnings guidance for the second half of 2026 or beyond could be verified through public disclosures.