Koury Angelo for Rolling Stone; Toni Anne Barson/Wireimage
As reported by Korea’s Yonhap News Agency, Big Hit Entertainment, the K-Pop powerhouse behind BTS, has revealed its intention to invest 70 billion won (approximately $63 million) in rival K-Pop company YG Entertainment. The deal will see Bang Si-hyuk-led Big Hit, and its subsidiary beNX, invest 30 billion won and 40 billion won, respectively, in YG affiliate YG Plus.
Variety reports that this investment gives Big Hit and beNX a combined 17.9% stake in YG Plus.
Seoul-based YG Entertainment, founded by Yang Hyun-suk in 1996, has worked with K Pop superstars like Blackpink, Bigbang, 2NE1, and Psy. Yang Hyun-suk left the company in June 2019.