On December 30th, Singer/producer Park Jin Young announced that the name of J. Tune Entertainment will be changed to JYP Entertainment, and that the two companies will be merging as one.
In a general stockholders meeting (to be held on February 6, 2011), J. Tune Entertainment will be electing Park Jin Young and CEO Jung Wook as members of the Board of Directors. The current board members, including CEO Kim Yoon Chul, will resign, and the company will officially change its name to ‘JYP Entertainment’.
Regarding the name change, representatives of J. Tune Entertainment stated, “Park Jin Young hopes to use the JYP label to bring J. Tune up to its status.”
Additionally, Park Jin Young signed on with J. Tune Entertainment, as explained by representative, “After acquiring shares and taking control of the company, Park Jin Young signed a contract under the agency in order to join forces with Rain and the celebrities within it.”
A representative of JYP Entertainment revealed to Newsen on December 30th, “Park Jin Young has decided to contract with J. Tune. His contract with JYP Entertainment expired back in 2006, and since then, he has not been under any contract.
J.Tunes Entertainment will be completely absorbed by JYP Entertainment. On February 16th, J.Tunes Entertainment will change its name to JYP Entertainment and JYP Entertainment’s board of directors will be on J.Tunes Camp’s board of directors as well.
Park Jinyoung will also be considered under J.Tunes Entertainment instead of JYP Entertainment, which fans are confused by, as it was just announced that J.Tunes and JYP Entertainment will be merging. However, this will be the first time in 4 years that Park Jinyoung will be under an entertainment, as his own contract with JYP Entertainment had expired and he has not signed any contract since then.
We can only speculate what this means, but it could signal the start of J.Tunes Entertainment becoming a subsidiary of JYP Entertainment, therefore causing MBLAQ to be indirectly part of JYP Entertainment. It could also be the return of Rain to JYP Entertainment, once his time in the army is complete.
Many fans are confused by this news and are wondering what will officially happen to J.Tunes Camp artists such as Rain and MBLAQ. How are you taking this news?
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