YG to liquidate dance management subsidiary YGX

K-pop

YG to liquidate dance management subsidiary YGX

Published: 29 Aug. 2024, 13:39

Dance crew YGX [MNET]

YG Entertainment is liquidating its dance management and academy subsidiary YGX, according to the company's regulatory filing.

The board of directors of YG Entertainment decided to dissolve YGX in July, with the liquidation process expected to conclude in September. YG has an unrecouped amount of 3.56 billion won ($2.66 million) from the original investment it made in YGX, according to the filing.

The subsidiary's last book value was 1.55 billion won.

YGX, founded in 2018, reached fame when its dancers went on the Mnet dance audition program “Street Woman Fighter” in 2021. Dancers of YGX often went on stage with artists from YG. The subsidiary also trained artists from other companies and planned choreography for them as well.

YG Entertainment said that it has created a “global training center” in March within its company to make up for the liquidation, absorbing the personnel of YGX.

"We will become more competitive through continuous talent discovery and constantly strengthen the capabilities of our artists through this liquidation,” said YG Entertainment.

BY KIM MIN-YOUNG [kim.minyoung5@joongang.co.kr]