Big Hit Entertainment has responded to reports about its founder and CEO, Bang Si Hyuk, selling his shares.
On March 25, a news outlet released an exclusive which featured details from investment banking reports. According to this exclusive, Bang Si Hyuk sold a 7.83% share last year and his total 50.88% stake went down to 43.06%, but he gained an approximate 65 billion won ($57.2 million USD) in cash in return.
Big Hit Entertainment received 201.4 billion won ($174.5 million USD) and 104 billion won ($91.6 million USD) from Netmarble and STIC Investment respectively last year. The enterprise value of each company was 800 billion won ($704.9 million USD) and 870 billion ($766.6 million USD) won each. During this time, Bang Si Hyuk reportedly sold a portion of his stake to shareholders including Netmarble.
Big Hit Entertainment, however, has since stated that the reports about Bang Si Hyuk’s sale of shares are untrue. The agency also stated that they could not confirm specific details when asked whether there was a discrepancy between the percentage of the shares sold and the percentage that appeared in the original news report. See more details from the original reports here.