Boy group iKON has terminated their exclusive contract with label YG Entertainment in a mutual agreement, ending a seven-year partnership.
The six-member group — consisting of Bobby, Cha, DK, Jay, Ju-ne and Song — will not disband and can continue to use existing iKON social media for future engagement.
YG made the announcement on Weverse on Thursday, stating they two parties “mutually agreed” to end the contract after a “long and careful discussion.”
As per a notification shared through Weverse, @YG_iKONIC has ended its contract with @ygent_official as a group. They are the latest K-pop team to leave their foundational company and declare intentions to remain active, without the major legal battles of the past hindering them pic.twitter.com/VDyhzKCpYR
— Tamar Herman (@TamarWrites) December 30, 2022
“We would like to express sincere appreciation to iKON for being with us as YG artist,” the agency’s statement read. “YG Entertainment will always look forward to their activities in diverse fields and wish the best for the members in the future.”
The group is reportedly in talks to sign with 143 Entertainment, founded in 2020.
“Nothing specific has been confirmed yet. We are under discussion regarding various aspects,” a source from 143 Entertainment said in response to the reports, according to Soompi.
IKON first debuted as a seven-member group under YG Entertainment in 2015, with leader B.I. leaving in June 2019 after reports of his drug use circulated.
The departure of iKon caps off a week of news for YG Entertainment.
Also on Thursday came initial reports from The Korea Herald and K-Pop Herald that BLACKPINK will operate under The Black Label, a YG subsidiary label headed by the girl group’s main producer and songwriter, Teddy Park.
The same day, the label also announced they will debut a new girl group next year.
Earlier this week, Taeyang and Daesung of BIGBANG left YG following their contract expirations, with the former signing with The Black Label. YG has said they will welcome the members of BIGBANG for any future collaborations. BIGBANG member T.O.P. left YG in February.