Cube Entertainment and holding company iHQ have announced their strategic partnership which is supposed to make them a stronger force in the global music industry.
Both companies’ CEOs, Hong Seung Seong and Jung Hoon Tak, signed an alliance agreement on September 17th that shifted 9,001 shares (50.01%) of the entertainment company’s stock to iHQ.
Cube Entertainment’s representative commented, “The partnership between music market’s strong force Cube Entertainment and strong force in the field of drama, film production and management iHQ, will give us the chance to become the number one company in the entertainment industry.”
iHQ’s CEO, Jung Hoon Tak, revealed his excitement, saying, “iHQ’s first large-scale strategic alliance project with Cube Entertainment will strengthen the global music business and iHQ will work hard to become a premier content syndication group in Korea.”
Cube Entertainment’s stocks were sold to iHQ for 16.5 billion KRW(~15.1 million USD). Universal Music, which formerly held the largest stake in Cube, have now retained 11% of the company’s stock while Hong Seung Seong continues to hold 28% of its stock.
It was also revealed that both companies will invest in each other’s activities. Cube Entertainment will be putting 2 billion KRW ( 1.8 million USD) into iHQ’s convertible bonds.
Cube Entertainment’s representative shared, “This partnership will serve as the stepping stone for Cube Entertainment to succeed as a global multi-entertainment company.”
iHQ is currently representing Jay Park and a rookie group 2EYES, while Cube Entertainment is a home for big names such as BEAST, 4minute, G.NA and BTOB.
Source: omonatheydidnt
Article by: Karolina
Edited by: KareBare
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