Recently, rumors were rife that iconic K-pop girls' band BLACKPINK was leaving their agency YG Entertainment. According to media reports, the four-member band was going to end its exclusive contract with its label.

Furthermore, the rumors said that they would be signing up with THE BLACK LABEL, a YG Entertainment associate.

Now the label has shut down the rumors with a statement that simply said "It is false", thereby negating the gossiping and giving the confirmation that the band will not be transferred to its affiliate label.

Earlier, rumors were floating that the agency was in the middle of restructuring itself and that THE BLACK LABEL, founded by the producers of YG namely Kush and Teddy in 2015, would be handling BLACKPINK's account.

YG has really been in the news these past few days, especially with the news that all the current members of the K-pop group iKON, including Koo Jun Hoe, Kim Dong Hyuk, Jung Chan Woo, Bobby, Kim Jinhwan, and Yun Jun Hyeong have parted ways with the label after their contract expired.

YG also posted the news on their official channel and said that they would still be a part of the band and use the previous social media channels to communicate with fans.

The official detailed statement said that after a long discussion with all the six iKON members about their future activities, they had agreed to respect the opinions of each other and once the contract period would expire then they would terminate the exclusive contract.

YG shared that all six members of the band would continue with their activities under the same band name and that they would continue to interact with their fans, referred to as iKONIC, as usual through Weverse, which is their official fan community platform as well as official social media accounts.

The agency also thanked that band who has had been with them until now and looked forward to supporting their activities in the future in different fields.

The label also thanked iKON's fandom for being with them and supporting the journey of the group and hoped that they would send their encouragement and unchanging interest to the six members on their new journey.

Meanwhile, three more artists have not renewed their contracts with YG Entertainment, including Taeyang and Daesung who are members of BIGBANG, and actor Kang Dong Won.