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Posted by Alec06 4 days ago

Bang Si Hyuk officially named Head of a Major Corporation as HYBE becomes first entertainment company designated as a major business group

AKP STAFF

HYBE has officially been designated as a major corporate group, marking a first for an entertainment-focused company in South Korea to be recognized as such. 

On May 15, the Fair Trade Commission announced the designation of HYBE as a "publicly-disclosed corporate group" for 2024, with total assets exceeding KRW 5 trillion. (approximately 3.85 billion USD)

Bang Si-hyuk, the founder and chairman of HYBE, who holds 31.57% of HYBE’s shares, is recognized as the "head of the same business group" (chaebol). This move reflects the expansion of HYBE's scale alongside the global popularity of K-pop. According to HYBE’s recent business report, its assets at the end of last year were valued at KRW 5.3457 trillion, a 9.8% increase from the previous year, ranking them 85th in asset size.

With HYBE's ascension to major corporate status, Bang Si-hyuk has joined the ranks of major conglomerate leaders. Amidst conflicts with Min Hee-jin, the head of HYBE’s label ADOR, HYBE's new designation and Bang's inclusion in the official list of conglomerate leaders by the Fair Trade Commission are drawing significant attention.

Additionally, this designation makes it a first in South Korean history since the introduction of the major corporate group and chaebol leader designation system in 1986, that two related individuals, Bang Si-hyuk and his relative Bang Joon-hyuk, chairman of Netmarble (which was designated in 2018), appear together on the chaebol list.

A Fair Trade Commission official commented, "The rapid growth of the entertainment industry, fueled by the global success of K-pop acts like BTS and their key revenue from albums and performances, has been reflected in this designation."

  1. Bang Si Hyuk
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greens
greens33 pts 4 days ago 8
4 days ago

conglomerate with net income of $2.1 million over 3 months. lol

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talktoyourself
talktoyourself610 pts 4 days ago 7
4 days ago

Individual companies with so much power is really problematic, especially in Korea

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