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Top entertainment agencies’ founders see stock wealth tumble on THAAD woes
By Lee Ji-yoonPublished : Sept. 12, 2016 - 16:55
[THE INVESTOR] The nation’s top entertainment agencies’ founders saw their stock wealth tumble this year as their all-important Chinese business is being hit hard by the government’s decision to deploy the Terminal High Altitude Area Defense system here.
Shares of the top four companies -- SM Entertainment, YG Entertainment, Keyeast and FNC Entertainment -- plunged more than 20 percent over the past months, bringing down the stock assets of their celebrity founders.
Shares of the top four companies -- SM Entertainment, YG Entertainment, Keyeast and FNC Entertainment -- plunged more than 20 percent over the past months, bringing down the stock assets of their celebrity founders.
In a way to express its resistance to the THAAD deployment, China is putting restrictions on Korean performers playing on its home turf while some planned joint projects are being cancelled without clear reasons.
The stock wealth of SM Chairman Lee Soo-man, the richest, plunged 32.9 percent to 125.6 billion won (US$113 million) from 182.5 billion won on Sept. 9, compared to July 7, a day before the deployment was announced.
The No. 2 Yang Hyun-seok of YG also saw a 36.5 percent decrease to 64.5 billion won during the same period.
The stock assets of Keyeast’s largest shareholder and actor Bae Yong-joon fell 18.8 percent to 53.44 billion won.
Han Seong-ho, CEO of FNC, saw the largest plunge, with his stock wealth almost cut in half to 37.3 billion won from 79.7 billion won over the two months.
During the cited period, SM’s share price dropped 25.5 percent to 28,600 won from 38,400 won, while that of YG saw a 20 percent decline.
By Lee Ji-yoon (jylee@heraldcorp.com)
