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CUBE Entertainment Forms Strategic Partnership with IHQ

mistressnicey

By mistressnicey
in Celebrity News & Gossip

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mistressnicey

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CUBE Entertainment Forms Strategic Partnership with IHQ

 

Major K-pop agency CUBE Entertainment and Korean actors’ management firm IHQ have built a strategic alliance, taking a shot at the No. 1 global entertainment company.

CUBE Entertainment sold 50.01% of its stock for 16.5 billion Korean Won (approximately 15.1 million U.S. Dollars) to IHQ to consolidate the strategic partnership, CUBE announced in a statement Tuesday.

CUBE’s president Hong Seung-seong, the former manager to giant K-pop producer, secures his existing stake of 28% and is set to invest 2 billion Won (approx 1.8 million Dollars) to IHQ’s convertible bond by means of intensifying synergy between two firms.

Universal Music, the formerly largest shareholder of CUBE, holds 11% of CUBE’s stock, explained the K-pop agency which has been considered as No. 4 in the market following so-called Big 3 —SM, YG and JYP Entertainment.

CUBE Entertainment is a home of K-pop idols 4minute, BEAST, G.NA, BTOB and comedian Kim Ki-lee, including K-pop big name Rain in its subsidiary firm CUBE DC.

Hong Seung-seong, who had discovered K-pop talents J.Y. Park and LYn, is one of the co-founder of JYP Entertainment with singer/producer J.Y. Park in 2001, producing numerous stars such as, Rain, Park Ji-yoon, 2PM, 2AM and Wonder Girls.

IHQ’s president Jung Hoon-tak stepped into the entertainment scene as a manger of K-pop legend Cho Yong-pil, scouting and training idol group god, one of the first-generation boy bands.

Korean hip-hop musician Jay Park and rookie girl group 2EYES are currently active as IHQ’s artists, while the firm is set to introduce a new boy band this fall.

IHQ also takes charge of Korean star actors’ career including Jang Hyuk, Hwang Jeong-eum, Kim Woo-bin, Lee Sang-yeob, Lee Soo-hyuk and Lee Yubi.

 

Reporter. Lee Hye-ji [email protected]

Courtesy of CUBE Entertainment, IHQ

 

cr@tenasia , 10asia_english , MYB2UTY

 

http://www.tenasia.com/archives/73324

 

 

[AKP]Cube Entertainment forms strategic partnership with IHQ in aims of becoming the top company in the entertainment field

 

misc_1379387852_af_org.jpg

 

Cube Entertainment formed a strategic partnership with iHQ, a holding company specializing in contents, in its mission to become the top entertainment company in the Korea as well as become a strong force in the global music industry.

 

Cube Entertainment's CEO Hong Seung Sung and iHQ's chairman Jung Hoon Tak signed the strategic alliance agreement on the 17th. According to the agreement, Cube Entertainment sold 9001 shares (50.01%) worth 16.5 billion KRW (~15.2 million USD) to iHQ, forming the partnership. Both companies will invest in each other's activities to create a synergy effect. so CEO Hong Seung Sung, while he maintains his 28% stake in Cube, will invest 2 billion KRW (~1.8 million USD) in IHQ's convertible bonds. Cube Entertainment's biggest shareholder Universal Music will maintain their 11%.

 

A Cube Entertainment rep stated, "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 #1 company in the entertainment industry. This partnership will serve as the stepping stone for Cube Entertainment to succeed as a global multi-entertainment company."

 

iHQ's CEO also stated, "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."

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mistressnicey Nation's First Love

mistressnicey

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Holy shit. Let me process.

 

Something was coming though. Cube tried to acquire Yedang Entertainment back in December to put themself on the public sector but got shot down. Yedang's CEO passed away this past summer.

 

So are they merging? I'm not sure... or are they just in a partnership or are they under iHQ now?

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gno Global Superstar

gno

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Holy shit. Let me process.

 

Something was coming though. Cube tried to acquire Yedang Entertainment back in December to put themself on the public sector but got shot down. Yedang's CEO passed away this past summer.

 

So C-Clown and Rania couldve been apart of CUBE!?!??!?! DAMMIT YEDANG!!!

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Cubic Sensei Star

Cubic Sensei

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oh CUBE sold half of it's share, brave move

every future decision will need IHQ approval first as they're the major shareholder now

Its being reported that they're going to operate as independent companies for the time being until everything is done. Cube will have minimal involvement in Jay's activities as well.

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Dangerous Boy Senior Idol

Dangerous Boy

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Why no comments like CUBE or IHQ (in this case more IHQ because they are the ones who bought half of CUBE) want to be a monopoly, and all that shit that people began to spread with SM C&C and Woollim merged by the same strategy.
People are so hypocritical, for only reason there was reproaches the first time was because it was SM, now everyone quietly because SM is not involved.

 

For all those people who talk bad about SM and Woollim, and now accepts the merger between CUBE and IHQ.

brown_eyed_girls_miryo___dirty_gif_by_te

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harliey_nick Global Superstar

harliey_nick

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Why no comments like CUBE or IHQ (in this case more IHQ because they are the ones who bought half of CUBE) want to be a monopoly, and all that shit that people began to spread with SM C&C and Woollim merged by the same strategy.

People are so hypocritical, for only reason there was reproaches the first time was because it was SM, now everyone quietly because SM is not involved.

 

For all those people who talk bad about SM and Woollim, and now accepts the merger between CUBE and IHQ.

brown_eyed_girls_miryo___dirty_gif_by_te

 

Maybe, coz based on logic, SME, a public company with high market cap is already big enough as it is and acquiring a rising company is making them much bigger.

 

 

CUBE is big but only a fraction of what SME is and what SME is doing. This merger is probably not as huge as SME acquiring all the small entertainment companies on their way up. And it's early days yet. More comments to come.

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Cubic Sensei Star

Cubic Sensei

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So Cube has only been worth $30 mil USD in market shares this whole time? :unsure:  Cube stans made it seem like they were gonna joining the Big 3 at any moment XD

 

 

It would be cool to see some Beast or Hyuna collabs with Jay Park :D 

Cube's not publicly listed so I don't think that's the actual worth. Its more of what iHQ wanted to offer. Its the people that write the articles saying Cube should be included in a "Big 4." 

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