YG Entertainment denied a report that its prized group, BLACKPINK, will be transferring to another agency.
On Dec. 30, Korean media outlet Korea Herald reported that BLACKPINK will transfer from YG Entertainment to The Black Label, an associate company where YG Entertainment has a 30.11 percent stake based on latest corporate filings.
“@BLACKPINK will change their agency to YG affiliate @THEBLACKLABEL, founded by Teddy, according to our sources. The industry insider added that the discussions over changing the girls' management have been made since early this year,” the Korea Herald posted on Twitter.
It quoted a YG official as saying, "I'm not in the position to confirm the news, but our contracts with the members have not yet ended. It's hard to confirm whether they will sign with The Black Label or not after their contracts end."
BLACKPINK debuted in August 2016. Based on the common seven-year contracts for K-pop artists, their contracts will likely expire in 2023.
After the report came out, YG Entertainment issued a statement to refute it.
"The rumor that BLACKPINK is transferring to The Black Label is not true,” it said, Korean media reported.
Several talents have deserted YG Entertainment in the last few days.
Big Bang’s Taeyang and Daesung, and K-pop boy band iKON have left YG Entertainment, the Korean company under which they debuted. Taeyang transferred to The Black Label.
Big Bang’s T.O.P left the agency in February while Seungri retired from the entertainment industry in 2019 due to the Burning Sun controversy. YG Entertainment is negotiating with G-Dragon for a new contract.
Actor Gang Dong-won also left YG Entertainment, according to the agency.