Cube Entertainment Set to Merge with iHQ and Go Public
The owners of Cube Entertainment, the agency behind successful K-pop acts such as 4Minute and BEAST, have revealed they will float the company on the stock exchange. The agency said that in order to facilitate the move, it would first need to merge with iHQ Entertainment. The two companies signed a strategic alliance late last year.
This latest announcement comes after a busy period for Cube Entertainment. In September last year, solo star and sometime Hollywood actor Rain joined the agency’s books. iHQ’s own roster boasts a host of acting talent such as Kim Woo Bin, as well as K-pop acts such as 2EYES and Jay Park.
Park Choong Min, Cube’s CEO, explained the decision, saying, “We have decided on the merger in order to help promote growth power and adapt to the changing environment of this business. Floating on the stock exchange will provide a new cornerstone for us to build on, and will allow us to develop as a global company, just like Samsung and LG.”
Jeon Yong Joo, president of iHQ also spoke enthusiastically about the move, telling the media, “This new arrangement with Cube represents a great opportunity for us to expand global business.”
A meeting is scheduled with stock holders in September, and the move is expected to be finalized in October.