Both JYP Entertainment and YG Entertainment have denied reports that J.Y. Park attempted to sell JYP to its rival agency.

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JYPE stated, "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," and YGE also came out to say, "After confirming with Yang Hyun Suk himself, this is something that could not have happened. We've found that the reports are groundless."

JYP Entertainment, however, did release an official report to say: "We are informing you of our official statement concerning the rumors 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." The agency also added that there will be legal repercussions for the reporters and media outlets who are causing adverse effects for the company and stockholders. 

Rumors erupted when a media outlet reported that according to entertainment insiders, J.Y. Park, who is the founder and largest shareholder of JYP Entertainment, tried to sell JYPE to YGE and focus on his own music career. Allegedly, YGE's CEO Yang Hyun Suk then rejected the offer, which is said to have been proposed before the Sewol ferry disaster on April 16.

J.Y. Park's connection to the ferry's named owner and Salvation Sect cult leader Yoo Byung Eun has also been tied to the alleged proposal to sell JYPE. The agency has already denied that it's involved with any illegal financial dealings with the sect.

Where do you think the rumors came from?