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JYP's Founder Park Jin Young Allegedly Tried to Sell JYP Entertainment to YG, JYP Denies!

It seems that Park Jin Young tried to sell JYP Entertainment to YG It has been reported that Park Jin Young, who is the largest stockholder of JYP Entertainment, tried to sell the agency to YG Entertainment.

Jul 1, 2014 11:16 AM BST
TAGㆍJYP EntertainmentYG Entertainmentpark jin youngYang Hyun Suk
Yang Hyun Suk and Park Jin Young

It has been reported that Park Jin Young, who is the largest stockholder of JYP Entertainment, tried to sell the agency to YG Entertainment.

A report from local news outlet, Korea Herald on entertainment sources stated Park Jin Young made a suggestion that YG Entertainment buy up JYP. Park Jin Young wanted to concentrate more on his own music activities after selling off the company. Yang Hyun Suk, YG’s CEO, had reportedly turned down his proposal. It is quite known that Yang Hyun Suk and Park Jin Young are close friends.

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Park Jin Young’s proposal seemingly happened prior to the Sewol Ferry disaster which happened on April 16. The disaster which was brought to light Park Jin Young’s connection to Yoo Byung Eun, who is the said to be the owner of the ferry and the head of the Salvation Sect. Yoo Byung Eun’s younger brother, Yoo Byung Ho is Park Jin Young’s father-in-law, and JYP Entertainment has been suspected of receiving money from the sect through the family member, who is a key leader in the sect. Investigators are still looking into JYP’s account activities, while the agency has denied that they received any illegal funds.

JYP has replied to this report by The Korea Herald, which has been denying such a proposal ever occurred. It said to several media sources that the report is false and “makes no sense.”

TagㆍJYP EntertainmentYG Entertainmentpark jin youngYang Hyun Suk

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