Shares of K-pop agency plunge after Lisa Blackpink reportedly rejects contract renewal offer

Shares of K-pop agency YG Entertainment tumbled almost 9% on Friday after South Korean media reported that Blackpink member Lisa has rejected a contract renewal offer from the agency, reported CNBC news website.

The share price tumble is YG’s largest one-day drop since September 28, 2022. According to South Korean news outlet Star News, Lisa, the Thailand-born member, has rejected two offers from YG, with the size of the contract reportedly worth 50 billion South Korean won ($37.6 million). In a statement to South Korean media outlet TVReport on Friday, a YG spokesperson said the company is “discussing renewing our contract with Lisa,” according to Google Translate. “The rumor has not been officially confirmed,” the person added.

The CNBC said the latest development follows reports earlier in July that Lisa has “not been able to find an agreement” regarding a contract…