Contract renewal negotiations with BLACKPINK are still ongoing, says YG Entertainment
K-pop label YG Entertainment has provided an update on contract renewal negotiations with BLACKPINK, saying that they are still ongoing.
The entertainment company made a brief statement to South Korean media, including Sports Chosun, yesterday (November 14) saying that it is “still negotiating with the artists regarding their exclusive contracts”, as translated by Koreaboo.
No other details regarding the current status of the discussions were divulged, but YG Entertainment shared in the same statement that an announcement of the negotiations’ outcome “will be revealed through the document regarding major management issues related to investments.” An exact date for this report’s publication has yet to be announced.
Negotiations surrounding the status of BLACKPINK’s expiring contracts with YG Entertainment have been underway since July, and their contracts were said to have expired in August. Public debate was sparked when it was reported that member Lisa was unlikely to renew her contract past its expiration. At the time, the report also said negotiations for the remaining three members – Jennie, Jisoo and Rosé – were proceeding smoothly.
In the months since BLACKPINK’s contracts with YG Entertainment had reportedly expired, the widespread uncertainty of BLACKPINK’s future with the company and as a group caused stocks for the company to plummet.
On the same day of YG Entertainment’s July statement regarding BLACKPINK’s contract negotiations, stocks of the company, listed on the Korea Exchange, fell over six per cent by the end of trading day, closing at ₩74,300. According to CNBC, it was the stock’s lowest price since May 11, when it closed at ₩66,700.
In other YG Entertainment news, the label confirmed that trainee Ahyeon will no longer be a part of the final debut line-up for BABYMONSTER, the company’s highly anticipated girl group slated for debut on November 27. YG cited “health reasons” for her withdrawal from the group, however it remains unclear whether Ahyeon will be added to the group at a later stage or if BABYMONSTER will remain as a six-piece.
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Carmen Chin
NME
