This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:46 p.m. on Jul. 24, 2026.
Contentree JoongAng is pushing to terminate the stock purchase agreement following J&PE's exercise of its put option. J&PE had signed a put option contract with Contentree JoongAng as a downside protection when it invested in the content producer Imaginus. Although the contract is set to be terminated, the industry expects no issues with recouping the investment through an initial public offering (IPO), given Imaginus' steadily improving performance.
According to the investment banking (IB) industry, Contentree JoongAng recently asked a court to approve the termination of the stock purchase agreement following J&PE's exercise of the put option on Imaginus. Under the Debtor Rehabilitation Act, for a "bilateral contract with mutual nonperformance" where neither party has fulfilled its obligations at the commencement of rehabilitation proceedings, the administrator may, with court approval, perform or terminate the contract.
The industry views this contract as a bilateral contract with mutual nonperformance because neither the share transfer nor the payment of the purchase price has been completed. If the contract is terminated, Contentree JoongAng's obligation to buy the shares will be extinguished, and J&PE will likewise no longer be obligated to transfer the shares. As a result, the downside protection secured through the put option at the time of investment will lose its effect.
Previously, in 2022, J&PE invested about 50 billion won in Imaginus and secured a put option that would allow it to sell its equity back to Contentree JoongAng in case an IPO or other exit fell through.
However, the prevailing analysis is that this move does not significantly undermine J&PE's ability to recover its investment. When investing in Imaginus, J&PE set an IPO as the primary exit strategy, and the put option was requested as a safeguard in case the listing was delayed or canceled.
In fact, Imaginus turned a profit last year, posting consolidated sales of 149.1 billion won and operating profit of 1.2 billion won. This year, it is said to be targeting sales of 200 billion won and operating profit of around 10 billion won. Earnings before interest, taxes, depreciation and amortization (EBITDA) is also expected to be about 5 billion won.
Its content lineup is also regarded as solid. In addition to "Donggung" and "21st-century Daegunbuin," which have already aired, anticipated titles such as the Netflix series "Slowly and intensely" are set to be released. It is also cited as a strength that, among independent studios, the company has production capabilities based on its own intellectual property (IP).
Imaginus selected NH Investment & Securities as the lead underwriter last year and is proceeding with listing procedures, aiming to debut on the KOSDAQ market next year.
An industry official said, "A put option is just one of the safeguards for recouping investment," adding, "Although the corporate rehabilitation process has introduced variables, if Imaginus' performance continues to improve, it would be better for J&PE to recover its investment through a listing."