Dance group YGX (MNET)

YG Entertainment is liquidating its dance management and academy subsidiary YGX, the company said in a regulatory filing.

YG Entertainment’s board of directors decided to dissolve YGX in July, with the liquidation process expected to be completed in September. YG has an unrecovered amount of 3.56 billion won ($2.66 million) from its original investment in YGX, the filing said.

The subsidiary’s final book value was 1.55 billion won.

YGX was founded in 2018 and rose to fame when its dancers participated in Mnet’s dance audition program “Street Woman Fighter” in 2021. Dancers from YGX often shared the stage with artists from YG. The subsidiary also trained artists from other companies and planned choreographies for them as well.

YG Entertainment said it had set up a “global training center” within its company and taken on YGX’s staff to compensate for the liquidation in March.

“We are becoming more competitive through the continuous discovery of talent and are continuously strengthening the skills of our artists through this liquidation,” said YG Entertainment.

BY KIM MIN-YOUNG ([email protected])