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YG Entertainment Inc., one of the leading entertainment agencies in South Korea, experienced a sudden drop in its share prices after it was reported that three of the BLACKPINK members had decided to leave the company.
According to Reuters, just one member of the famous girl group has renewed her contract with YG Entertainment. Various media outlets in the country said that industry sources revealed that Lisa, Jennie, and Jisoo are all moving to another label for the management of their respective careers.
Due to this report that has been spreading like wildfire in Korea, shares of YG Entertainment fell more than 13% on Thursday, Sept. 21. Then again, it was said that the entertainment firm that also houses BIGBANG, Winner, and AKMU has denied the reports of the BLACKPINK members non-renewal of their contracts.
Through a statement, YG Entertainment clarified that the contract renewal of Lisa, Jennie, Jisoo, and Rose is still being discussed. The talks are ongoing, and they have not reached a decision, so there is nothing to confirm yet at this point. Then again, some local media mentioned that YGE is negotiating with Lisa, who allegedly rejected two contract offers last week worth KRW50 billion or $37.6 million.
Meanwhile, CNBC reported that the stock price drop that YG Entertainment experienced this week was its lowest level in almost five months. The decrease caused the company’s share price to close at KRW69,200 per share - the lowest since May.
The latest update so far alleged that since Rose already decided to renew her contract with YG Entertainment, Lisa, Jennie, and Jisoo are engaged in a last-minute discussion with the agency. They are said to be arranging for a contract that will allow them to sign with other labels but will work as part of BLACKPINK for six months per year.
Photo by: YG Entertainment Website
