Bang Si Hyuk cashes out $57 million after selling 7.82% of his equity in Big Hit Entertainment

Bang Si Hyuk sold 7.82% of his equity in Big Hit Entertainment for $57 million in cash. 

According to an exclusive report from the Korea Economic Daily, the Big Hit Entertainment founder sold 7.82% out of 50.88% of his equity in Big Hit Entertainment. Bang remains to be the largest shareholder of the company, ahead of Netmarble (25.22%) and STIC Investment (12.24%). 

Bang is expected to overcome Lee Soo Man of SM Entertainment and become the wealthiest figure in Korean entertainment once Big Hit Entertainment goes public with an IPO. 

A rep of the IB industry commented, "Considering how the fandom is majorly teens, BTS' influence is expected to be long-term... If Big Hit also succeeds with producing new artists, the company's worth will go beyond expectations."