PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
TN Entertainment is a KOSDAQ-listed company built on two pillars, celebrity management and a fried-chicken franchise F&B business, and while it posted a small profit in 2025, quarterly net losses have widened through 2026, adding to earnings uncertainty.
2025 revenue came to about KRW 118.3 billion with operating profit of roughly KRW 3.35 billion (2.8% margin), both smaller than the prior year.
The company posted operating losses in both Q1 and Q2 2026, and the Q2 net loss attributable to owners widened sharply to roughly KRW 10.1 billion.
The F&B business operates franchises including the Huraideu Chamjalhaneunjip chicken brand with 262 outlets as of end-March 2026, and is affected by intensifying restaurant-sector competition.
Parent company Chorokbaem Media raised its stake to 64.31% through convertible bond redemption and preferred-share conversion, strengthening its control.
Governance continues to be reshaped, with the co-CEO structure shifting to a single-CEO system in August 2026.
TN Entertainment was founded in 2007 and listed on KOSDAQ in 2011, arriving at its current business structure through repeated name changes and mergers.
The company once maintained a research and development workforce in electronic materials, but following business restructuring it currently carries out no such R&D activity.
In 2019 it merged with Chorokbaem Foodfarm to add an F&B business alongside its original operations, and it now runs entertainment and dining as its two core segments.
The entertainment segment holds exclusive contracts with roughly 70 domestic actors, entertainers and other professionals, placing them in broadcasting, live events and advertising, while increasingly generating revenue through digital content production and YouTube product placement.
The F&B segment centers on a fried-chicken franchise brand, with 262 franchise outlets operating as of end-March 2026.
Disclosed consolidated segment data from parent Chorokbaem Media for the third quarter of 2024 showed the dining business accounting for roughly 32.5% of revenue versus about 26.4% for the management business, suggesting F&B is the larger contributor within the group.
Controlling shareholder Chorokbaem Media expanded its stake to 64.31% through convertible bond redemption and conversion of preferred shares into common stock. This leaves the company with an unusual structure combining two dissimilar businesses, entertainment management and a restaurant franchise, under one roof.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩31.8B | ₩300M | 0.8% |
| 2025Q3 | ₩23B | -₩27,657,961 | −0.1% |
| 2025Q4 | ₩29.1B | ₩1.1B | 3.7% |
| 2026Q1 | ₩19.3B | -₩900M | −4.6% |
| 2026Q2 | ₩20B | -₩500M | −2.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩71.9B | ₩3.3B | -₩2.4B | 4.5% | −3.1% | 85.5% |
| 2023 | ₩150.3B | ₩13.5B | -₩17.8B | 9.0% | −28.3% | 94.9% |
| 2024 | ₩142.9B | ₩9.7B | ₩2.2B | 6.8% | 3.3% | 86.7% |
| 2025 | ₩118.3B | ₩3.4B | ₩300M | 2.8% | 0.5% | 33.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Looking at annual results, revenue surged from KRW 71.9 billion in 2022 to KRW 150.3 billion in 2023, then declined for two straight years to KRW 142.9 billion in 2024 and KRW 118.3 billion in 2025. The operating margin also trended clearly lower, from 9.0% in 2023 to 6.8% in 2024 and 2.8% in 2025.
On the bottom line, the company posted consecutive losses in 2022 (-KRW 2.38 billion) and 2023 (-KRW 17.85 billion) before swinging to small profits of KRW 2.19 billion in 2024 and KRW 0.32 billion in 2025. Recent quarterly trends, however, show renewed deterioration.
After revenue of KRW 31.8 billion and operating profit of KRW 0.25 billion in Q2 2025, results fluctuated through Q3 (revenue KRW 23.0 billion, operating loss KRW 0.03 billion) and Q4 (revenue KRW 29.1 billion, operating profit KRW 1.08 billion).
In 2026, the company logged operating losses in both Q1 (revenue KRW 19.3 billion, operating loss KRW 0.88 billion) and Q2 (revenue KRW 20.0 billion, operating loss KRW 0.53 billion), with Q2 revenue down roughly 37% from the year-earlier KRW 31.8 billion.
Notably, the Q2 2026 net loss attributable to owners reached about KRW 10.1 billion, far exceeding the KRW 0.53 billion operating loss for the same period, suggesting a sizable non-operating charge whose specific cause is not clearly identifiable from currently available disclosures.
As a result, the cumulative net loss attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) reached about KRW 12.9 billion, meaning the brief return to annual profitability in 2025 is once again under pressure.
In the celebrity management industry where TN Entertainment competes, large agencies such as HYBE, SM, YG and JYP dominate around idol groups and globally oriented artists, leaving the company positioned as a niche player with a roster weighted toward broadcast-centric trot singers, entertainers and actors.
A combination of fewer broadcast appearances and slowing digital content revenue has weighed on the entertainment segment recently, prompting the company to lean on expanded online and new-media business opportunities and YouTube product placement as fresh revenue sources.
The chicken franchise market where its F&B segment operates appears close to saturation, with Fair Trade Commission franchise statistics showing the nationwide store count surpassing 30,000 for the first time as of end-2024.
Against that backdrop, the company's franchise business faced pressure from the expiration of a flagship store lease in Yeouido and intensifying restaurant-sector competition.
Both businesses are highly sensitive to consumer spending given their direct-to-consumer nature, and results hinge structurally on individual artist contracts and lease terms.
As a result, rather than competing head-on with larger rivals, the company has adopted a strategic focus on specific segments, broadcast talent oriented toward middle-aged and family audiences, and chicken franchise consumers.
In August 2026 the company simplified its CEO structure from co-CEOs Kim Dong-jun and Yoon Dong-hyun to a single CEO, Kim Dong-jun, a move that can be read as part of a broader governance reorganization.
Controlling shareholder Chorokbaem Media has strengthened its grip by raising its stake to 64.31% through convertible bond redemption and preferred-share conversion, a factor that remains relevant to any future group-level business coordination or capital support.
In the entertainment segment, the company says it continues to pursue digital content production and YouTube product placement through online and new-media channels as an ongoing revenue source.
The F&B segment maintains a strategy that prioritizes coexistence with franchisees and continues to operate 262 outlets as of end-March 2026.
That said, consecutive operating losses in the first two quarters of 2026 and the large net loss in the second quarter add to uncertainty about the direction of second-half results.
Whether earnings recover is likely to hinge on the entertainment segment's digital monetization performance, how the F&B segment responds to competition, and whether a large loss item like the one seen in the second quarter recurs.
The shares appear to trade at a meaningful discount to net asset value, with the price-to-book ratio sitting well below 1x. This may indicate that the market is weighting recent earnings volatility and profitability uncertainty more heavily than the company's accounting asset base.
On the earnings side, the company swung to profit in 2024-2025 after a large net loss in 2023, only to slip back into a net loss in the first half of 2026, leaving questions about how durable that earlier recovery was.
On the dividend side, recent payout history has not been clearly established, which may place the stock in a category with limited dividend appeal.
Ultimately, assessing valuation here may depend less on simple net-asset metrics than on the direction of coming quarterly results, particularly whether a large non-operating loss item like the one seen in Q2 2026 recurs.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-05
After a large net loss of roughly KRW 17.8 billion in 2023, the company posted net profits in both 2024 and 2025, indicating that the worst phase had passed and some earnings structure was restored.
Operating profit also stayed positive in both years, suggesting the underlying businesses retained cash-generating capacity. That said, the scale of profit itself was modest, so the strength of the recovery was limited.
Operating a network of 262 franchise outlets across several dining brands gives the company a comparatively more predictable revenue base than its entertainment business.
Segment data disclosed on a consolidated basis by parent Chorokbaem Media also showed the dining business larger than the management business, indicating F&B is a key pillar of group revenue. This can act as a partial buffer against volatility in the entertainment segment's results.
The shift from a co-CEO structure to a single-CEO structure in August 2026 simplified decision-making. At the same time, controlling shareholder Chorokbaem Media raised its stake to 64.31% through convertible bond redemption and preferred-share conversion, clarifying its control. This could support faster decision-making in group-level resource allocation or strategy execution.
Revenue fell for two straight years, from KRW 150.3 billion in 2023 to KRW 142.9 billion in 2024 and KRW 118.3 billion in 2025, and Q1 and Q2 2026 revenue of KRW 19.3 billion and KRW 20.0 billion, respectively, showed clear contraction versus the same periods in 2025.
A concerning aspect is that revenue has declined simultaneously across both the entertainment and F&B businesses. If the top-line contraction continues, the relative burden of fixed costs could grow.
The net loss attributable to owners in Q2 2026 was about KRW 10.1 billion, far exceeding the KRW 0.53 billion operating loss for the same quarter, implying a substantial non-operating loss was recorded.
The specific cause of this loss is not clear from currently available public disclosures, making it a difficult item for investors to assess.
The fact that the cumulative net loss attributable to owners over the most recent four quarters reached about KRW 12.9 billion also shows that the earlier profit recovery is faltering again.
The number of chicken franchise outlets nationwide surpassed 30,000 as of end-2024, indicating the market is already near saturation.
The expiration of a flagship store lease in Yeouido is a concrete example of a lease issue negatively affecting the company's revenue, and similar lease or contract risks could affect results again in the future. In such a competitive environment, restoring revenue growth through net new franchise openings may not be easy.
Since its founding, the company has undergone repeated name changes and mergers, and management has continued to shift recently, including the move from co-CEOs to a single CEO.
Controlling shareholder Chorokbaem Media likewise has a history that includes a change in its own controlling shareholder and acquisition by a private-equity-linked holding entity, leaving the governance structure layered and fluid.
Such volatility can be a source of uncertainty regarding strategic consistency and minority shareholder interests.
The fact that Q2 2026's net loss far exceeded its operating loss shows that non-operating factors, such as potential impairment or valuation losses on investment or affiliate assets, can have a large impact on results.
Such items are difficult to predict in terms of recurrence and can only be confirmed through detailed disclosures like financial statement footnotes. It will be important to check the specifics of these items in upcoming quarterly and annual reports.
The entertainment business depends on individual exclusive contracts with artists, making it vulnerable to contract terminations, failed renewals, or reduced broadcast appearances by roster talent. The F&B business is exposed to external factors such as lease expirations or intensifying franchise competition.
Both businesses can react sensitively to weaker consumer sentiment, raising the possibility that they could underperform together depending on the economic cycle.
This is when the Q3 2026 quarterly report is expected to be filed; investors should check whether the large non-operating loss seen in Q2 recurs and whether the operating-loss trend continues.
This is when the annual business report for fiscal year 2026 is due; investors should check the auditor's opinion and whether footnotes clarify the specific cause of the large Q2 2026 net loss.
This is roughly when the Fair Trade Commission is expected to release its next annual franchise industry statistics, allowing a comparison of chicken franchise market saturation against the company's own store count trend.
Should controlling shareholder Chorokbaem Media disclose further changes in its stake or capital policy, this would be worth reviewing to gauge the direction of group-level governance and financial support.
TN Entertainment is a KOSDAQ-listed company built on two pillars, celebrity management and a chicken franchise F&B business, and after a large net loss in 2023 it returned to profit in 2024-2025 before swinging back into a quarterly net loss in the first half of 2026.
Revenue peaked in 2023 and has declined for two consecutive years, with Q1 and Q2 2026 revenue also contracting versus the same periods a year earlier.
Notably, Q2 2026 saw a net loss attributable to owners of about KRW 10.1 billion, far larger than the KRW 0.53 billion operating loss, highlighting the growing influence of non-operating factors.
On the business side, the company runs an F&B network of 262 franchise outlets alongside an entertainment business with roughly 70 exclusive artists, while governance restructuring continues, with controlling shareholder Chorokbaem Media raising its stake to 64.31% and the company simplifying its CEO structure.
The future direction of earnings appears to hinge on the entertainment segment's digital monetization progress, the F&B segment's response to competition, and whether a large non-operating loss like the one in Q2 recurs.
Before drawing investment conclusions, it will be important to track how these variables unfold through upcoming quarterly and annual disclosures.
Report written 2026-09-05 · Data as of 2026-09-04
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