© Reuters
Investing.com– Shares of South Korean leisure company YG Leisure Inc (KQ:) rallied over 20% on Wednesday after the agency mentioned it had signed a brand new, unique contract with all 4 members of hit music group Blackpink.
The agency mentioned in a disclosure assertion that its board had agreed to the signing of an unique contract with Blackpink, ending months of hypothesis over whether or not the group would follow YG after their contract ended earlier this yr.
Blackpink is among the most profitable all-female music acts on the earth, with an viewers nicely past its South Korean market. The group had debuted below YG in 2016, and has since seen stellar success in album gross sales and music video views.
The group’s 4 members- “Jisoo, Jennie, Rosé and Lisa have all signed a renewed contract with YG.
The leisure label has a number of different main South Korean artists and actors below its belt, together with BigBang and BabyMonster. It discovered worldwide success in 2012 on the again of the viral sensation “Gangnam Model,” which stays among the many most-viewed movies on streaming web site Youtube.
YG’s shares jumped almost 23% to 58,900 gained, and have been additionally headed for his or her greatest session in over a decade. The inventory vastly outperformed a 0.5% rise within the broader index.
Hypothesis over Blackpink’s contract had pushed YG’s inventory to a close to 11-month low earlier this week.
Shares of South Korean conglomerate Naver Corp (KS:), which owns a virtually 9% stake in YG, rose 0.5%, whereas Chinese language web large Tencent Holdings Ltd (HK:), which has a 4.3% stake within the agency and likewise distributes its music in China, fell 0.7%.
Inventory market features on the again of music acts have been a recurring issue this yr. American transfer theatre chain AMC Leisure Holdings Inc (NYSE:) clocked sturdy features earlier this yr after it mentioned it had offered greater than $100 million prematurely tickets for a live performance film of Taylor Swift’s The Eras tour.
