CUBE Entertainment forms strategic partnership with iHQ
In pursuing to become the leading global entertainment company, major K-POP agency, CUBE Entertainment, merged with Korean actors’ management firm, iHQ.
On the 17th September, CUBE entertainment has sold 9001 shares, making up to 50.01% of its stocks for 16.5 billion won (approximately 15.1 million US Dollars) to iHQ to consolidate the strategic partnership. CUBE Entertainment’s chairman, Hong Seung Sung secures 28% of the stares but plans on investing 2 billion won towards iHQ’s convertible bonds to strengthen then collaboration between the two firms.
In addition, CUBE Entertainment’s formerly largest shareholder, Universal Music will remain its 11% of shares and continue its global content distributions.
Cube Entertainment is the home of K-Pop idols 4Minute, BEAST, G.NA, BTOB and comedian Kim Ki Lee; including famous Rain in its subsidiary firm CUBE DC. On the other hand, iHQ have hip hop musician Jay Park and rookie girl group 2EYES with an additional boy band to debut this coming fall. iHQ also takes charge of star actors’ career including Jang Hyuk, Hwang Jeong Eum, Kim Woo Bin, Lee Sang Yeon, Lee Soo Hyuk and Lee Yubi.
According to CUBE Entertainment’s CEO, Park Choong Min, “With a strong music company like CUBE, and a strong drama-movie production and management company like iHQ, we will be able to create an opportunity to become the number one company in the business world”. iHQ’s CEO Jeon Yong Joo also commented, “iHQ’s first major project will be to strengthen the global music business with CUBE Entertainment and become Korea’s front man for content syndication groups”.
Currently, CUBE Entertainment is considered the No.4 in the market following the “Big 3” namely SM Entertainment, YG Entertainment and JYP Entertainment. This partnership will be a stepping stone to help CUBE entertainment to set up a new plan for the music industry and grow to be a global multi-entertainment company.