Singer Seven Re-signs Contract with Agency
2006, June 23
Singer Seven has re-signed a contract with his agency YG Entertainment, with time remaining on his current contract period. Seven announced that he will make a contract with his agent again on June 22 and will not receive any advance payment.
The net worth of Seven is estimated at more than five billion won and therefore, it would be natural for him to receive at least one billion won in earnest money. However, he decided not to take the money in consideration of his trust in YG Entertainment.
Seven’s manager Lee Ji-woon said, “Despite his remaining contract term, Seven expressed his willingness to re-sign a contract immediately after singer Wheesung moved to another agency. Seeing company chief Yang Hyun-seok disappointed at Wheesung’s departure, Seven made the proposal first.”
With the new contract, Seven plans to produce four more recordings with the agency.
YG Entertainment head Yang Hyun-seok transferred part of his stake in the company to the singer’s parents as a token of his gratitude.
Lee Ji-woon said, however, “It is too early to calculate the value of the share, since stocks are worthless until a company is listed. But if YG Entertainment goes public, the stake will be worth more than five billion won.”
“Yang is working on establishing YG America, a U.S branch of the company, and Seven’s plan to make inroads into the U.S is making progress swiftly. Seven has wrapped up his activities in Korea and will stay in the U.S for the time being,” Lee added.