Enhypen-Backer, Belift Lab Acquired by K-Pop Giant Hybe
variety.comPatrick Frater Asia Bureau Chief Hybe Corp., the Korean pop music giant behind BTS, has further expanded the scale of its empire by buying out its partner in Belift Lab, the firm backing another K-pop powerhouse Enhypen.
The company said that it has signed an agreement to acquire CJ ENM’s 51.5% stake in Belift. Deal terms were not disclosed. Launched in 2018 as a joint venture between Hybe and CJ ENM, Belift Lab was established to manufacture and promote idol groups.
It “has exemplified innovation and excellence in the realm of K-pop,” the companies said. Its standout milestone was the launch in November 2020 of Enhypen.
The seven-member boy band emerged from the reality TV show I-Land and has since enjoyed three million-selling albums and its latest album “Dark Blood,” released in June, debuted in fourth place on the Billboard 200. “Owning a 100% stake in Belift Lab marks a significant step forward in Hybe’s strategic multi-label structure, expanding its content and artist portfolio even further,” Hybe said in a statement. “Hybe will provide unparalleled support for Belift Lab and its artists.
Read more on variety.com
