[4] IB Worldwide announced through the board of directors on the same day that it had decided to raise 11.5 billion won from SM and 8.9 billion won from affiliates of Hyosung Group and changed the company name to Galaxia SM.

[7] SM also announced a third-party capital increase of 6.5 billion won for IB Worldwide, marking the first business partnership in South Korea between a sports and entertainment company.

[8] Shim Woo-taek revealed that the two companies combined will be able to develop a variety of content and contribute to the national interest by expanding their scope to the global market.

[10] The two companies are also expecting various synergies from this strategic alliance by developing sportainment broadcasting content, merchandising businesses, body management system development, and digital marketing business through a multi-channel network (MCN).

[11] Galaxia SM supports the sponsorship contracts of the athletes and is in charge of advertising and other management.