New Zealand Labour Backs India Free Trade Deal, Boosting Chances of Parliamentary Approval 
J.P. Morgan Downgrades Essity AB on Rising Costs and Weak Earnings Outlook 
USDA Plans to Expand Farmer Surveys to Improve Crop Report Accuracy 
New Zealand Economy Faces Short-Term Pressure but Recovery Remains on Track 
China Food Delivery Stocks Dip as Regulators Crack Down on “Ghost Deliveries” 
Asian Stocks Mixed as Tech Shares Decline While Japan’s Nikkei Hits Record High 
US-Iran Peace Talks Fuel Market Optimism Amid Ongoing Tensions 
European Car Sales Surge in March as EV and Hybrid Demand Accelerates 
SpaceX President Gwynne Shotwell Earns $85.8M as IPO Buzz Grows 
Jeff Bezos Eyes $10 Billion Funding Round for AI Venture Project Prometheus 
Apple Stock Dips as Tim Cook Steps Down, John Ternus Named Next CEO 
U.S. Freezes Dollar Transfers to Iraq, Pressures Government Over Iran-Backed Militias 
Oil Prices Slip Amid Iran Ceasefire Extension, Hormuz Disruptions Keep Markets Tense 
Elon Musk Signals Intel 14A Chips for Tesla’s Terafab AI Semiconductor Venture 
Nvidia Pushes 800V Data Center Power Systems to Boost Efficiency and Cut Costs 
Indian Cotton Yarn Exports Surge as China Demand Rises Amid Global Supply Disruptions 
Asian Stocks Rise on AI Optimism and Iran Peace Talk Hopes 
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
