The highly anticipated announcement ended a months-long downward trend for the Korean agency.
On December 6, YG Entertainment finally announced that all four members of BLACKPINK have renewed their contracts with the company.
“After careful discussions with members of BLACKPINK, it signed an exclusive contract for the group’s activities based on deep trust,” the entertainment company stated.
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The girl group’s initial contract ended last August with no immediate news if the members would be returning as a group. The uncertainty led to YG Entertainment’s plunging stock prices over the past few months.
Several reports from Korean media stated that some members would not be renewing their contracts. However, their agency was quick to release a brief statement that said their contracts were still in discussion and have not been finalized.
When the company made the latest announcement, shares rose as much as 29%. This was its biggest intraday jump in more than a decade.
YG Entertainment’s share price skyrocketed from 48,000 KRW ($36.57) to 61,900 KRW ($47.16). It has since settled to 58,700 KRW ($44.72).
“We are pleased to continue our relationship with Blackpink,” YG founder Yang Hyun Suk said in the statement.
Details of the new contracts have not been disclosed. YG Entertainment also said it is still negotiating over the group members’ individual activities.
But the statement should still leave fans and shareholders relieved. It shared that BLACKPINK is already planning a new album and a world tour with the agency.
Banner image via X @BLACKPINK.
