Cube Entertainment, home to top idol groups such as BTOB, PENTAGON, (G)I-DLE, and more, has now been bought by VT GMP as the latter became the label’s majority shareholder.
Cube sold 8,134,200 of its shares to VT GMP for 29.1 billion won (~$24.1 million USD), and VT GMP officially became the largest shareholder with 30.61% of the company.
VT GMP have been expanding its hallyu business through their media commerce platform company, called KVLY. Market analysts believe VT GMP’s purchase of Cube stocks was the next step in their business growth.
Cube’s CEO, Hong Seung Sung, tweeted his excitement for the new partnership and the brighter future for Cube and VT GMP.
Cube has joined with an excellent partner in order to have stronger growth. We will do our best to move forward as a brighter Cube by utilizing each other’s strengths and weaknesses.
— Hong Seung Sung
VT GMP is best known among K-Pop fans for their cosmetic line, VT Cosmetics. Their brand had partnered with BTS to create a line of collaborative foundations, as well as the members’ own signature scented perfumes.
Perhaps VT Cosmetics will also be partnering with Cube artists for new cosmetic projects!