Major K-pop agency CUBE Entertainment and Korean actors’ management firm IHQ have built a strategic alliance, taking a shot at the No. 1 global entertainment company.
CUBE Entertainment sold 50.01% of its stock for 16.5 billion Korean Won (approximately 15.1 million U.S. Dollars) to IHQ to consolidate the strategic partnership, CUBE announced in a statement Tuesday.
CUBE’s president Hong Seung-seong, the former manager to giant K-pop producer, secures his existing stake of 28% and is set to invest 2 billion Won (approx 1.8 million Dollars) to IHQ’s convertible bond by means of intensifying synergy between two firms.
Universal Music, the formerly largest shareholder of CUBE, holds 11% of CUBE’s stock, explained the K-pop agency which has been considered as No. 4 in the market following so-called Big 3 —SM, YG and JYP Entertainment.
CUBE Entertainment is a home of K-pop idols 4minute, BEAST, G.NA, BTOB and comedian Kim Ki-lee, including K-pop big name Rain in its subsidiary firm CUBE DC.
Hong Seung-seong, who had discovered K-pop talents J.Y. Park and LYn, is one of the co-founder of JYP Entertainment with singer/producer J.Y. Park in 2001, producing numerous stars such as, Rain, Park Ji-yoon, 2PM, 2AM and Wonder Girls.
IHQ’s president Jung Hoon-tak stepped into the entertainment scene as a manger of K-pop legend Cho Yong-pil, scouting and training idol group god, one of the first-generation boy bands.
Korean hip-hop musician Jay Park and rookie girl group 2EYES are currently active as IHQ’s artists, while the firm is set to introduce a new boy band this fall.
IHQ also takes charge of Korean star actors’ career including Jang Hyuk, Hwang Jeong-eum, Kim Woo-bin, Lee Sang-yeob, Lee Soo-hyuk and Lee Yubi.
Reporter. Lee Hye-ji firstname.lastname@example.org
Courtesy of CUBE Entertainment, IHQ