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[Alpha Biz=(Chicago) Reporter Paul Lee] Shares of YG Entertainment, which had been on a downhill path, closed higher than 25% on news of the renewal of all contracts for the group Blackpink.
YG Entertainment closed at 60,300 won on the KOSDAQ market on the 6th, up 25.63% (12,300 won) from the previous trading day. YG Entertainment announced that it has signed a group exclusive contract for all four members of BLACKPINK. Immediately after the disclosure, stock prices soared to 61,900 won at 9:25 a.m., up 29% from the previous day.
YG said, "After careful discussion with BLACKPINK, we signed an exclusive contract for group activities based on strong trust."
Earlier, YG Entertainment's stock price has been on the decline in the past three months due to the possibility of Blackpink's failure to renew its contract. The KRW 50,000 line collapsed after BLACKPINK failed to reach a conclusion on the renewal of the contract even after the contract expired with its agency in August.
BLACKPINK is YG's "signboard" girl group and is absolutely contributing to the company's sales through world tours. However, this contract is about group activities, and individual contracts for each member have yet to be decided. Two members, including Lisa, have virtually decided to leave YG, and the other two are still in contact with YG.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
