On June 7 KST, HYBE Corporation announced that it will gain 7,000 additional shares in HYBE America.
Regarding the objective behind its latest move, HYBE stated, "It is to pay off the remaining balance from the acquisition of the overseas label QC Media Holdings."
The value of the shares is priced at 96.2 billion KRW (~ 70.4 million USD), or 3.09% of HYBE Corporation's total equity.
In 2023, HYBE acquired QC Media Holdings by purchasing 100% of its shares at 314 billion KRW (~ 230 million USD), adding artists like Lil Baby, Lil Yachty, and Migos to its artist lineup.
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QC selling out is so distressing to me as old hip-hop fan. I'm low-key disgusted.