Park Jin Young isn’t about putting all his eggs in one basket! The CEO of JYP Entertainment is now the largest shareholder of another entertainment firm — J.Tune, founded by JYP’s former and most famous protege, Rain.
People had speculated that the relationship between Rain and JYP must be strained since the former had left JYPE to form his own entertainment company. However, it seems the relationship is still running strong, as it has been announced that Rain has asked his former mentor to manage his company. Rain, who will enter the military next year, wishes to concentrate solely on his singing and acting career until he leaves.
JYP has released a statement accepting the offer. “JYPE will provide its utmost support to Rain so that he may pursue his career more freely and actively,” the statement read.
Rain, who initially invested 4.7 billion won when he set up the company in 2007, used to be the firm’s largest shareholder. However, he sold off all his shares on July 19, and J. Tune’s stocks have been suffering since. On Monday, J. Tune announced that they will increase their capital by issuing 6.37 million new stocks worth a total of 8.5 billion won, to nineteen subjects, including JYPE. When the new stocks are issued, JYP will hold 18.54 percent, or over 4.07 million shares. The news has been welcomed by J. Tune’s investors.