Shares of YG Entertainment, which manages the K-pop superstars Blackpink, tumbled 9% on Friday in Seoul amid reports that Thailand-born member Lisa Manoban has rejected a new contract offer.
According to CNBC and South Korean media reports, the contract renewal offered to Lisa was worth 50 billion South Korean won ($37.6 million).
Rumours have been swirling for the past two months that YG was struggling to reach a new deal with its biggest stars. Exclusive contracts between an artist and an agency in Korea typically are no longer than seven years.
Blackpink made its debut in 2016 and the group’s deal with YG was reportedly set to expire in August this year, though the company has never explicitly confirmed this.
YG acknowledged in July that contract renewal discussions were under way, but the Korean news outlet Munhwa Ilbo reported at the time that “it is known…
