Core Contents Media‘s CEO Kim Kwangsoo has departed from the agency.

According to IsPLUS, Core Contents Media will change its name to MBK Entertainment. MBK Entertainment was originally formed as a subsidiary of Core Contents Media with internal staff members who are helping with the transfer. Core Contents Media singers such as T-ara and actors such as Son Hojun will all be transferred to MBK Entertainment soon.

In particular, T-ara has just signed a contract with $5 million USD (approximately) under MBK Entertainment and not Core Contents Media. It was reported last that CEO Kim Kwangsoo was under investigation for transfers of money from Chinese to Korean bank accounts.

The formal signing ceremony and press conference will take place at the New World Hotel in Beijing on October 13th. T-ara will also join the Longzhen Culture Development agency during the signing in China which has previously organized concerts for famous Chinese singers such as Andy Lau and Amei in the past. This will be the first time that the company has signed a contract with a South Korean entertainer and T-ara’s first contract in China. T-ara’s estimated annual income for Longzhen Culture Development is estimated to be about 16.5 million USD.

Core Contents Media was originally launched in 2007 under Mnet Media. Core Contents Media currently hosts T-ara, Kim Gyuri, Ha Seokin, Hyoyoung, Ha Seokjin and SPEED.