JYP Entertainment and YG Entertainment Both Deny Rumors of JYP Trying to Sell Agency to YG

Maximiliano VCHK, July 1, 2014, 11:08 a.m.

Both JYP Entertainment as well as YG Entertainment have vehemently denied rumors that JYP has attempted to sell his agency to YG Entertainment, their rival in the industry.

JYP Entertainment commented, "This is a nonsensical report. We don't feel a need to respond. There's no need to even release an official response. This is overboard," to which YG Entertainment also chimed in to say, "After confirming with Yang Hyun Suk himself, this is something that could not have happened. We've found that the reports are groundless."

JYP Entertainment followed up with an official press release stating, "We are informing you of our official statement concerning the rumors of JYP Entertainment being sold. Since its establishment in 1997, there has never been an attempt or idea to sell the company... And as stated before, there is no business or financial connection to the persons associated with the Sewol tragedy." The agency went on to add that there would also be legal action taken against those who had spread these rumors, which has created negative press for the company resulting in adverse effects to the company and unhappy shareholders.

Rumors of the agency being posted for sale spread like wildfire when a media outlet reported the transaction and credited entertainment insiders. The rumors stated that JY Park, who founded and is also the largest shareholder of JYP Entertainment, attempted to sell the agency to YG Entertainment in order to completely focus on his own music career.  The rumor continues on to say that YG Entertainment CEO Yang Hyun Suk rebuffed the offer, which reportedly was given before the Sewol ferry disaster on April 16th.

JY Park's familial ties to the ferry's named owner and Salvation Sect cult leader Yoo Byung Eun also was mentioned to be involved with the reasons behind the alleged sale of JYP Entertainment. Where and why do you think the rumors came about, especially now?

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