(L-R) Rosé, Jisoo, Lisa, and Jennie of BLACKPINK perform at the Coachella Stage during the 2023 Coachella Valley Music and Arts Festival on April 22, 2023 in Indio, California.
Shares of K-pop agency YG Entertainment tumbled almost 9% on Friday after South Korean media reported that Blackpink member Lisa has rejected a contract renewal offer from the agency.
The share price tumble is YG’s largest one-day drop since September 28, 2022.
According to South Korean news outlet Star News, the Thailand-born member has rejected two offers from YG, with the size of the contract reportedly worth 50 billion South Korean won ($37.6 million).
In a statement to South Korean media outlet TVReport on Friday, a YG spokesperson said the company is “discussing renewing our contract with Lisa,” according to Google Translate. “The rumor has not been officially confirmed,” the person added.
CNBC reached out to YG Entertainment for comment, but did not immediately receive a reply.
The latest development follows reports earlier in July that Lisa has “not been able to find an agreement” regarding a contract extension with the agency.
At the time, South Korean media outlet Newsen reported that YG responded to queries by saying that contract renewal discussions were underway, but outlet Munhwa Ilbo reported that “it is known that the difference between the two sides is quite large.”