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YG Entertainment, dwelling to K-pop teams BLACKPINK and BABYMONSTER, has named Yang Min-seok, the younger brother of former CEO and firm founder Yang Hyun-sun, as sole CEO. The firm announced the appointment following its annual shareholder assembly on Friday (March 29). Yang had beforehand shared co-CEO duties with Hwang Bo-kyung, who was named CEO in 2019 after Yang Hyun-sun, a former member of the group Seo Taiji and Boys, stepped down amidst allegations he hid a drug scandal. 

Yang Min-seok takes the helm of a storied Korean music firm with surging income and a bonafide celebrity act in BLACKPINK. Last 12 months, YG Entertainment’s annual gross sales rose 65% to 569.2 billion received ($429.9 million). BLACKPINK’s album, Born Pink, reached No. 1 on the Billboard 200 on Oct. 1, 2022, and spent 13 weeks on the chart. The group’s 66-date Born Pink World Tour reached throughout North America, Europe, Asia and Oceania earlier than culminating with two reveals on the 35,000-capacity Gocheok Sky Dome in Seoul, South Korea in September. 

Three new exterior administrators had been additionally appointed on the assembly: Park Jeong-mi, Jeon Seong-won and Lee Dong-woo. Park is a licensed public accountant and at present serves as a tax accountant at Jeongan Tax Accounting Office. Jeon is a lawyer with Kim & Chang Law Office and former chief of the Bucheon Branch, Incheon District prosecutor’s workplace. Lee is an advisor to H-Re Co. and former head of the funding technique workplace at Netmarble, the nation’s largest cellular gaming firm. The firm additionally reappointed co-CEO Hwang as govt director.

Also on the assembly, YG Entertainment’s shareholders authorized a dividend of 300 received (23 cents) per share that can pay out a complete of 5.56 billion received ($4.2 million). In 2023, the corporate earned a per-share revenue of 4,120 received ($3.11) on web revenue of 77 billion received ($58.1 million), up 46% from 2022.