On May 15, YG Entertainment announced the singer had decided to part ways with the agency, stating, "YG Entertainment and Psy have decided to conclude our exclusive contract. Through detailed negotations with Psy, YG Entertainment has decided to respect Psy's desire to take on new challenges."
YGE continued, "YG and Psy have had a special trust for the past 8 years. We provided limitless support to Psy's endless energy and passion for music, and we were also moved together as 'Gangnam Style' gained global popularity."
The label concluded, "Whether or not we have an exclusive contract, YG and Psy's close relationship will last forever. We're cheering on Psy's great new beginning and wish for his health and happiness. WE express our deep gratitude to the fans who've loved Psy as a YG Entertainment artist until now."
Psy signed with YG Entertainment in 2010. Stay tuned for updates.