Read the official statement by JYP Entertainment.
2 Jul 2014 - 12:30 PM  UPDATED 3 Jul 2014 - 2:48 PM

Photo: Park Jin-young (left) and Yang Hyun-suk (right)

The Korean Herald reported yesterday that JYP Entertainment CEO Park Jin-young allegedly tried to sell his company to YG Entertainment’s CEO Yang Hyun-suk, however this report along with others now appear to be false according to an official JYP statement.   

JYP stated, "We are informing you of our official statement concerning the rumours 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."

Prior to their official statement, a JYP Entertainment representative 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."

A YG Entertainment representative also commented, "After confirming with Yang Hyun Suk himself, this is something that could not have happened. We've found that the reports are groundless."

Sources: The Korean Herald & Allkpop

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