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SEOUL, May 7 (Yonhap) -- YG Entertainment, home to BLACKPINK and BABYMONSTER, has decided to sell its broadcasting production subsidiary, Studio Plex.
According to a YG business report on May 7, YG resolved to sell a 60% stake in Studio Plex in December last year, and the related procedures are currently underway. The sale transaction is expected to be completed by the end of this year.
YG stated, "We are pursuing the sale of a portion of Studio Plex's shares to a production specialist company."
Studio Plex was established by YG in 2017 as a production company aiming for business diversification and high-quality content production, with YG holding a 99.86% stake. With the sale of a 60% stake, the remaining stake will decrease significantly to 39.86%, and management control will also be transferred to the acquirer.
Studio Plex garnered attention by hiring PD Park Hong-gyun, known for directing MBC dramas such as 'Queen Seondeok' and 'The Greatest Love.' Subsequently, it produced dramas like 'Mr. Queen,' 'Love Alert,' and 'Joseon Exorcist.'
However, controversies arose with dramas like 'Mr. Queen' facing criticism for referring to the UNESCO World Documentary Heritage and National Treasure of Korea, the Annals of the Joseon Dynasty, as "just a pile of paper."
Another drama, 'Joseon Exorcist,' faced early termination after only two episodes due to various historical distortion controversies, leaving Studio Plex with bitter experiences.
YG commented on the sale, stating, "We will continue to strive for profitability through a sound and competitive business structure that focuses on our core business," expressing hopes that the sale will improve Studio Plex's production environment and secure financial stability.
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