Shares of YG Entertainment, the management company of K-pop girl group Blackpink, fell nearly 9% in a single day; a first since September 28, 2022.
According to South Korean media, one of the members, Thailand-born Lisa, turned down two contracts from YG valued at 50 billion South Korean won ($37.6 million).
Blackpink, which includes Jisoo, Jennie, Rosé, and Lisa, is one of YG Entertainment’s most successful K-pop groups.
YG Entertainment did not immediately respond to CNBC’s request for comment.
The issue stems from rumours that Lisa had “not been able to reach an agreement” with YG for an extension of her contract in July this year.
During that time, Newsen reported that the management company reacted to inquiries by indicating that the contract renewal was still on the negotiating table.
The announcement comes as Blackpink completes its “Born Pink” world tour, which has been hailed as the largest world tour by a K-pop girl group, drawing an estimated 1.5 million fans across 41 locations since it began in October 2022.
The remaining two days of the tour were held in Seoul on September 16 and 17.
The four-member group made its YG debut in August 2016. Blackpink’s contract was set to expire in August, as is customary for K-pop groups, but the agency has yet to confirm any contract renewals with any of its members.