Blackpink renews group contracts with company, YG shares spike 29%

LONDON, ENGLAND – NOVEMBER 22: (left to proper) Lisa (Lalisa Manoban), Rose (Roseanne Park), Jisoo Kim and Jennie Kim, from the Ok-Pop band Blackpink pose with their Honorary MBEs (Members of the Order of the British Empire), awarded to them in recognition of the band’s function as COP26 advocates for the COP26 Summit in Glasgow 2021 on November 22, 2023 in London, England. King Charles III carried out the particular Investiture ceremony within the presence of the President of South Korea, Yoon Suk Yeol, and his spouse, Kim Keon Hee. (Photo by Victoria Jones – Pool/Getty Images)

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Shares of Ok-pop company YG Entertainment spiked as a lot as 29% after the corporate introduced that it has renewed exclusive group contracts with all 4 members of woman group Blackpink.

The inventory closed at 48,000 South Korean received ($36.58) per share on Tuesday, close to its 2023 low of 47,000 received. But on Wednesday, it surged on the open and hit an intraday excessive of 61,900 South Korean received per share.

This may deliver an finish to the lengthy working contract saga between the favored Ok-pop group and the company. The drama took YG shares on a wild ride alongside the rumored ups and downs in contract negotiations.

The phrases of the brand new deal weren’t instantly clear and the announcement didn’t specify whether or not the members renewed their contracts on a person foundation.

In late November, South Korean outlet Munhwa Ilbo reported that members wouldn’t renew their unique particular person contracts with YG, however as an alternative continue group activities as Blackpink below the label.

Munhwa Ilbo reported then that “unique contracts between every member and YG Entertainment weren’t signed. In the long run, they plan to hold out particular person actions and are available collectively just for Blackpink actions.”

Shares of YG previously plunged every time South Korean media reported that members of the group will not renew with the label.

Blackpink is arguably one among YG’s most profitable acts. The company said the group’s latest world tour attracted 2.11 million folks around the globe, spanning 66 performances in 34 cities.

Most lately, the four-member group grew to become the primary Ok-pop group and the primary non-British musicians to obtain honorary Member of the Order of the British Empire medals from British monarch King Charles III on Nov. 22, in recognition of their advocacy on the COP26 climate talks in Glasgow in 2021.

The group was additionally the primary Asian act and Ok-pop woman group to headline the Coachella festival in the U.S. and the first Ok-pop group to headline a serious competition within the U.Ok. on the BST Hyde Park festival.

Blackpink additionally holds the Guinness World Record for most-viewed music channel on YouTube for a group.

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