Belift Lab Completely Acquired by HYBE

HYBE will acquire all shares of Belift Lab and incorporate them into its subsidiary.

HYBE announced on the 10th that it has signed a contract to acquire the 51.5% stake in Belift Lab from CJ ENM. HYBE will now hold a 100% stake in Belift Lab. The process of acquiring the stakes in Belift Lab will be completed as soon as the relevant authorities approve it. When all the procedures are completed, Belift Lab will be reborn as a wholly owned subsidiary of HYBE.

Belift Lab is a corporation established in September 2018 by HYBE and CJ ENM. According to the joint management policy, Kim Tae-ho, COO of HYBE, served as the CEO of Belift Lab, and CJ ENM's personnel have also participated in the board of directors to achieve a balance.

The two companies made a joint front to strengthen their influence in the K-pop market through Belift Lab. Boy group ENHYPEN's debut is the biggest achievement that Belift Lab has made. ENHYPEN, who has entered his fourth year at Billifrap, has become a million-selling artist and is showing his presence.

The acquisition of a stake in Belift Lab was carried out in a surprise move to "advanced the multi-label system," HYBE's mid- to long-term growth strategy.

HYBE's multi-label system focuses on allowing labels expressing their own musical colors to exercise independent authority. It is possible because all labels are independent corporations but exist in the form of HYBE's subsidiaries. With the acquisition of the stake, Belift Lab will also be incorporated as a subsidiary, further upgrading HYBE's multi-label lineup.

HYBE and CJ ENM plan to continue cooperation for the promotion of K-culture even after the transfer of shares in Belift Lab is completed.

HYBE CEO Park Ji-won said, "HYBE will spare no support for Belift Lab and Belift Lab artists to continue to grow," adding, "We will continue to cooperate with CJ ENM even after the acquisition of shares in Belift Lab."

Koo Chang-geun, CEO of CJ ENM, said, "As the two companies have grown together by accumulating know-how in discovering and fostering global idols, and planning and producing albums, we will seek ways to create synergy in overall K-culture, including K-pop."

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