YG Entertainment sells part of its stake in drama production company Studio Flex.
According to YG Entertainment‘s business report released today, the agency will sell 60% of its shares in Studio Flex within this year. YG Entertainment’s stake in Studio Flex will be reduced from 99.9% to 39.9% once the sale process is completed. Management control will be transferred.
Studio Flex was established by YG Entertainment in 2017. The company said sales were concentrated in the music sector and planned to diversify its business. The agency also recruited “Queen Seondeok” producer Park Hong Kyun.
However, the co-production “Mr Queen” (2020-2021) and the self-production “Joseon Exorcist” (2021) were mired in controversies over distortion of history. “Joseon Exorcist” was shut down after just two episodes.
YG Entertainment explained that the decision to sell its shares aims to create a competitive business structure that is faithful to its core mission.
Journalist: Shawn
Translator: Shawn
Source: YG Entertainment website
