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Hybe Co. Ltd. is acquiring Belift Lab and will become its sole owner after buying CJ ENM Entertainment’s shares in the agency that manages Kpop boy band, Enhypen. The deal involves the purchase of a 51.5% share worth KRW150 billion or about $113.8 million.
Hybe and CJ ENM jointly built Belift Lab in September 2018 for the purpose of developing and managing Enhypen, which was formed through the reality competition show “I-Land.” Seven out of 23 trainees were selected to form the band: Sung Hoon, Jung Won, Niki, Jake, Jay, Heeseung, and Sunoo.
Under the joint venture, the entertainment company that was founded by Bang Si Hyuk was put in charge of producing artists. CJ ENM was assigned to discover and support artists through its expansive asset and business networks, including the Mnet TV music channel.
In any case, Hybe itself is managing the global superstar boy band BTS, and it said it has signed an agreement with CJ ENM to buy the 742,200 shares it owns in Belift Lab. Korea Joongang Daily reported that the companies expect the deal to close on Sept. 1.
After this, Enhypen’s agency will become a wholly-owned subsidiary of HYBE which has appointed its current chief operating officer, Kim Tae Ho, to be the new chief executive officer of Belift Lab.
"HYBE will support Belift Lab and its artists to the fullest," Park Ji Won, CEO of HYBE, said in a statement. "Even after the stock purchase, we will continue our partnership with CJ ENM on further promoting K-culture.”
BTS’ agency’s communications manager also told Aju Business Daily on condition of anonymity that the decision to fully acquire the company “was made to upgrade Belift's production system and improve its management efficiency."
Photo by: BeLift Lab Website
