Shares of YG tumble over 13% after report three Blackpink members will not renew contracts

Shares of K-pop agency YG Entertainment tumbled 13.28% on Thursday after South Korean media reported that three of the four members of girl group Blackpink will not sign new contracts with the label.

The stock closed at hit its lowest level in almost five months and closed at 69,200 won ($51.68) per share , its lowest level since its May 11 close of 66,700 won.

South Korean outlet Sports Seoul reported, citing “multiple music industry officials,” that members Jisoo, Jennie and Lisa will sign contracts with other labels, while Rosé will renew her contract with YG.

The outlet added that the three members “are in last-minute discussions with a ‘separate yet together’ strategy,” where they will sign with other labels, but spend six months out of the year as part of Blackpink.

Reuters reported that YG said contract talks are ongoing and nothing has been decided.

This comes after Thailand-born Lisa allegedly rejected two contract renewal offers from YG last week, with the size of the contract reportedly worth 50 billion South Korean won ($37.6 million).

Blackpink wrapped up its “Born Pink” world tour on Sept. 17 in Seoul, marking the largest world tour done by a K-pop girl group. YG claimed the tour attracted 2.11 million people around the world, spanning 66 performances in 34 cities.

The group was the first Asian act and K-pop girl group to headline the Coachella festival in the U.S. as well as the first K-pop group to headline a major festival in the U.K. at the BST Hyde Park festival.

Blackpink is also the first girl group to top the Billboard 200, and also holds the Guinness World Record for most-viewed music channel on YouTube for a group.