JYP Entertainment & JYP Become One

So much more to come!

Extraordinary General Meeting has revealed the results regarding the merger between JYP Entertainment and the non listed JYP on the Korean Financial Supervisory Service’s DART Electronic Reporting System. The date of effectiveness will start October 17^th where they will be together under JYP Entertainment.

According to the CEO of JYP Entertainment, Jung Wook

Until we became ‘One JYP’ with the merger of JYP Entertainment and JYP, we’ve been focusing on making good music and artist management… With the merger, starting from this year and on, we plan to branch out into performances, actor management, movies, musicals, drama production, as well as travel business.

Other plans for the merging also include expanding their business in Japan, with the debut of a new boy band. They will be creating a new branch in Thailand by fall of this year, and debuting four new idol teams to increase their sales. Wow, there is so much to look forward to!

In case you didn’t know, JYP Entertainment and JYP are actually two separate companies. JYP Entertainment manages missA, Park Jin Young himself, 15&, Baek Ah Yeon, and many actors. JYP however, is the non-listed company which manages Wonder Girls, 2PM, 2AM, Joo, actress Kim So Young and Kim Ji Hyun.

Concerts will also be produced internally, meaning that their concert production relationship with CJ E&M will end. President Jung Wook also revealed that U.S. marketing will be reduced.

We will be scaling down and minimizing the amount of effort and expenses in regards to the U.S. However, we will be looking into steps that will allow us to increase our profits in that market.

However, they do plan to create a global audition program with famous producers such as Mark Burnett.

Lastly, there are expectations to see JYP Entertainment post gross sales double of approximately $51.3 million USD.

2PM made up a total of 79.1% of JYP’s Total Music Related Sales for the first half of 2013, so they are pivotal to the sales. 2PM will now be reflected on the JYP Entertainment financial report.

So as of October 17^th onward, there will be no JYP Entertainment and JYP-Parent split. They will become one, with Park Jin Young being the largest shareholder at 17.66%.

I’m so exited for this! I can’t wait to see what the new JYP has to bring!

SOURCE: JYP Entertainment

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