YG Entertainment is winding down its management and dance academy subsidiary YGX, according to the company’s regulatory filing.
YG Entertainment‘s board of directors decided to dissolve YGX in July, with the liquidation process expected to end in September. YG Entertainment has an unrecovered amount of 3.56 billion won ($2.66 million) from the initial investment it made in YGX, according to the filing.
The subsidiary’s latest book value was 1.55 billion won ($1.03 million).
YGX, founded in 2018, rose to fame when its dancers participated in Mnet’s dance audition program “Street Woman Fighter” in 2021. YGX dancers often performed on stage with YG Entertainment artists. The subsidiary also trained artists from other companies and planned choreographies for them as well.
YG Entertainment said it established a “global training center” within its company in March to compensate for the liquidation, absorbing YGX’s staff.
“We will become more competitive through continuous talent discovery and constantly strengthen the capabilities of our artists through this liquidation,” YG Entertainment said.
Journaliste : Shawn
Source : SNS YGX, YG Entertainment
