(BREAKING) HYBE acquires both JYPE and YG after failed SM Entertainment takeover
In a move that no one saw coming, HYBE just announced that they have officially acquired JYP Entertainment and YG Entertainment. This comes only a few weeks after it was announced that HYBE was on its way to become the largest shareholder in SM Entertainment, a deal from which they later withdrew.
In a statement, a company representative said: "Contracts for the acquisition of JYP Entertainment's and YG Entertainment's shares have recently been finalized and both will become subsidiaries of HYBE. Their management teams will remain at the helm in order to maintain the independence and unique colors of both labels."
HYBE founder Bang Shi Hyuk remarked, "I am happy to be joined by Park Jin Young and Yang Hyun Suk, two of the best producers of Korea. HYBE, JYPE and YG ended up merging because we shared similar philosophies about the development and management of our artists. I am looking forward to the monopoly we will create together."
Yang Hyun Suk, who founded YG Entertainment in 1996 together with his brother, said through a press release, "The philosophy of YG Entertainment, which attaches great importance to the value of artists and content and seeks innovation in the music industry, is similar to that of HYBE, which is innovating the business model of the music industry. I am looking forward to the future that will be created with the combination of YG's creative and HYBE's strengths. Through our organic relationship, we will repay the fans with a new "DDU-DU DDU-DU" remix produced by Bang PD.”
Park Jin Young, who founded JYP Entertainment in 1997, initially couldn't be reached for a comment. He later posted a statement through his Instagram account saying he will meet with reporters in September to explain his motivation behind the takeover.
Former JYPE artist Somi, who is now signed to The Black Label, excitedly left a comment under the post, "omg I can't believe!! are we labelmates again?".
Jackson Wang, who left JYPE with the other GOT7 members in 2021, simply wrote "hyung... please pick up my call".
sources: HYBE press release, YG press release, JYP statement
In a statement, a company representative said: "Contracts for the acquisition of JYP Entertainment's and YG Entertainment's shares have recently been finalized and both will become subsidiaries of HYBE. Their management teams will remain at the helm in order to maintain the independence and unique colors of both labels."
HYBE founder Bang Shi Hyuk remarked, "I am happy to be joined by Park Jin Young and Yang Hyun Suk, two of the best producers of Korea. HYBE, JYPE and YG ended up merging because we shared similar philosophies about the development and management of our artists. I am looking forward to the monopoly we will create together."
Yang Hyun Suk, who founded YG Entertainment in 1996 together with his brother, said through a press release, "The philosophy of YG Entertainment, which attaches great importance to the value of artists and content and seeks innovation in the music industry, is similar to that of HYBE, which is innovating the business model of the music industry. I am looking forward to the future that will be created with the combination of YG's creative and HYBE's strengths. Through our organic relationship, we will repay the fans with a new "DDU-DU DDU-DU" remix produced by Bang PD.”
Park Jin Young, who founded JYP Entertainment in 1997, initially couldn't be reached for a comment. He later posted a statement through his Instagram account saying he will meet with reporters in September to explain his motivation behind the takeover.
Former JYPE artist Somi, who is now signed to The Black Label, excitedly left a comment under the post, "omg I can't believe!! are we labelmates again?".
Jackson Wang, who left JYPE with the other GOT7 members in 2021, simply wrote "hyung... please pick up my call".
sources: HYBE press release, YG press release, JYP statement