YG Entertainment ends of its exclusive contract with Seungri.
On Wednesday, YG Entertainment (YG) announced in an official press release that it has decided to terminate the exclusive contract with Seungri, real name Lee Seung-hyun. It was a process initiated by Lee the day before.
“After Seungri announced his retirement [from the entertainment industry] on the 12th, YG accept his request and terminated his exclusive contract with us,” the statement reads.
Moreover, following this news, the agency acknowledged that it does not manage its artist to the best of its ability. As a result, it plans to work with employees and executives to create a better company.
The following is the full text of the press release.
Hello, this is YG Entertainment.
Starting with the [Burning Sun] club incident in which Seungri was involved, and the following series of controversies, we would like to extend our deepest apology to fans an those who were affected or involved.
After Seungri announced his retirement [from the entertainment industry] on the 12th, we accepted his request and terminated his exclusive contract.
As an artist management company, we recognize that we have not thoroughly managed our artists and are deeply reflecting on this.
Lastly, we are aware that we are in need of significant improvements and we promise to work with our executives and employees to determine the best way to do so.