JYP chief becomes top stock-rich K-pop agency owner

JYP Entertainment founder and Chief Communications Officer Park Jin-young topped the list of stock-rich entertainment agency owners in Korea, data showed Sunday, amid the industry’s struggle to recover from an ongoing sex scandal involving multiple K-pop stars.

The value of JYP stocks held by Park had increased 1 percent, or 1.9 billion won ($1.7 million), from the end of 2018, to 192.2 billion won as of Thursday, according to conglomerate research firm Chaebul.com. Park is the largest shareholder of JYP with 17.8 percent stake in the firm. 

JYP Entertainment founder and Chief Communications Officer Park Jin-young (Yonhap)

The figure propelled Park to the top, outranking other industry rivals including SM Entertainment founder Lee Soo-man, who previously was No. 1. Unlike Park, the value of Lee’s SM stocks dropped 21.1 percent to 181.8 billion won during the same period, bringing him down to second.

YG Entertainment founder and CEO Yang Hyun-suk placed third on the list, with the value of his stock holdings having declined 20.3 percent to 126.3 billion won. YG has been dealt a stinging blow by the snowballing scandal centered on Seungri, formerly of Big Bang, with whom the agency terminated its contract in March, along with a National Tax Service probe into the firm’s alleged tax evasion.

JYP, meanwhile, has been considered the least affected by the scandal among the top three stock-listed agencies, with its market capitalization standing at 1.95 trillion won as of Friday. The firm’s shares rose 1.16 percent since the beginning of the year, buoyed by the success of girl groups Twice and ITZY, which debuted in February. 

By Jung Min-kyung (mkjung@heraldcorp.com)

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