On the 5th, MegaStudyEdu disclosed regarding the recent rumors of a sale of management rights that "the company's largest shareholder is not considering selling its equity holdings."
The previous day, a media outlet reported that MegaStudyEdu was pushing to sell management rights. MegaStudyEdu's special-related parties, including founder Chair Son Ju-eun (14.9%) and younger sibling CEO Son Seong-eun (14.9%), hold 32.45% equity. The company explored selling management rights to private equity fund (PEF) managers twice, in 2014 and 2023, but the deals fell through.
MegaStudy is the nation's largest online education company, founded in 2000 by Chair Son, who became a star instructor as "Sonsatam" at a college prep academy in Gangnam, Seoul, in 1997. It began with college entrance education and has since expanded into education for infants and toddlers, elementary and middle school students, and even lectures for adults preparing for civil service exams.
In the third quarter last year on a cumulative basis, MegaStudyEdu posted sales of 688.3 billion won and operating profit of 112 billion won, with results recovering to the level of 2021, the biggest boom since the company's founding. As of the market close that day, MegaStudyEdu's market capitalization was 483 billion won.