Boy group iKON has mutually terminated their exclusive contract with YG Entertainment, ending their seven-year partnership.
The six-member group, Bobby, Cha, DC, Jay, Jun, and Song, will not be disbanded and iKON can continue to use social media for future communication.
YG made the announcement on Weverse on Thursday, saying the two sides had "mutually agreed" to terminate the contract "after long and careful discussion."
"We would like to express our gratitude to IKON for joining us as YG artists," the agency said in a statement. "YG Entertainment will always look forward to their activities in various fields and wish the members all the best for the future."
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The group is said to be in talks with 143 Entertainment, which was founded in 2020.
"Nothing concrete has been confirmed yet. We are discussing various aspects," a source from 143 Entertainment said in response to the reports, according to Soompi.
IKON debuted as a seven-member group under YG Entertainment in 2015, leaving leader BI in June 2019 after rumors of his drug use surfaced.
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IKon's departure ends a week of YG Entertainment news.
Also on Thursday, initial reports from the Korea Herald and K-Pop Herald revealed that BLACKPINK is under The Black Label, YG's record label run by the group's chief producer and songwriter Teddy Park.
On the same day, the label also announced that it would introduce a new girl group next year.
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Earlier this week, BIGBANG's Taeyang and Daesung left YG after their contracts expired , with the former signing with The Black Label. YG announced that they will be welcoming members of BIGBANG for future collaborations. The BIGBANG TOP member left YG in February.