Belift Lab, which manages ENHYPEN and is a joint venture of HYBE and CJ ENM, will become HYBE’s subsidiary.
On August 10th, HYBE announced that it has signed a contract to acquire a 51.5% stake in Belift Lab from CJ ENM. As a result, HYBE will own 100% of Belift Lab’s shares. The process of acquiring Belift Lab’s shares will be completed once regulatory approvals are obtained. Upon completion, Belift Lab will become a wholly-owned subsidiary of HYBE.
Belift Lab was established in September 2018 as a joint venture between HYBE and CJ ENM. According to their joint management policy, HYBE’s COO Kim Tae Ho served as the CEO of Belift Lab, and personnel from CJ ENM also participated in the board of directors to maintain balance.
Through Belift Lab, both companies have strengthened their collaborative efforts to enhance their influence in the Kpop market. The debut of boy group ENHYPEN stands as Belift Lab’s most significant achievement. Approaching its fourth year of activity under Belift Lab, ENHYPEN has emerged as a million-seller artist, showcasing their influence.
Meanwhile, the acquisition of Belift Lab shares aligns with HYBE’s medium to long-term growth strategy of advancing a “multi-label system.” HYBE’s multi-label system focuses on empowering labels to exercise independent artistic autonomy. This structure allows each label to function as an independent entity while operating under HYBE’s subsidiary framework. With this share acquisition, Belift Lab will also become a subsidiary, further enhancing HYBE’s multi-label lineup.
Even after the completion of the Belift Lab share transfer, HYBE and CJ ENM plan to continue their collaborative efforts for the promotion of K-culture.
Regarding this, Park Ji Won, CEO of HYBE, stated, “HYBE will spare no support to ensure the continuous growth of Belift Lab and its artists” and emphasized that they will “maintain a progressive cooperative relationship with CJ ENM after the acquisition of Belift Lab shares.”
On the other hand, Koo Chang Geun, CEO of CJ ENM, mentioned, “Given our accumulated expertise in global idol discovery, cultivation, album planning, and production, we will explore ways to generate synergy across the entire spectrum of K-culture, including K-pop, in the future.”
Source: Daum
