[Update] Park Jin Young Reportedly Tried to Sell JYP Entertainment to YG, JYP and YG Deny

It is being reported that Park Jin Young, the largest stockholder of JYP Entertainment, tried to sell the agency to YG Entertainment.

The Korea Herald reported just an hour ago on entertainment sources who stated Park Jin Young suggested that YG Entertainment buy up JYP. Park Jin Young had wanted to focus on his own music activities after selling off the company. Yang Hyun Suk, YG’s CEO, reportedly turned down his proposal. Yang Hyun Suk and Park Jin Young are known to be close friends.

Park Jin Young’s proposal apparently happened before the Sewol Ferry disaster which occurred on April 16. The disaster brought to light Park Jin Young’s connection to Yoo Byung Eun, who is the de facto owner of the ferry and the head of the Salvation Sect. Yoo Byung Eun’s younger brother, Yoo Byung Ho is Park Jin Young’s father-in-law, and JYP Entertainment has been accused of receiving money from the sect through the family member, who is a key leader in the sect. Investigators are still currently looking into JYP’s account activities, while the agency has denied receiving any illegal funds. 

JYP has responded to this report by The Korea Herald, denying such a proposal ever occurred. It said to several media sources that the report is utterly false and “makes no sense.” So far it has offered no other comments.

Update:

YG Entertainment has also spoken to Osen to deny that it was ever approached with an offer by Park Jin Young to buy up JYP Entertainment. A rep said, “After just talking to CEO Yang Hyun Suk, we have confirmed that it is something that can’t happen and is also absurd.” The rep added, “[Yang Hyun Suk] is the one who feels apologetic to JYP Entertainment because of this kind of report.”

JYP has also offered an official statement regarding this topic, stating it will seek legal action against such a report for causing harm to the agency, its artists, staff, and investors. It asserted once again that it has nothing, business or monetarily, to do with the people related to the Sewol disaster. JYP Entertainment affirmed, “We have never tried to sell or even had the intention to sell the company since its founding in 1997. As company with a goal and philosophy, we will keep this standard in good faith and continuing growing diligently.”