Shares in K-Pop Agencies Fall After Report of Antitrust Probe 

Fans react as South Korean singer PSY (C) performs during his "Summer Swag 2023" concert at Jamsil Olympic Stadium in Seoul on June 30, 2023. (AFP)
Fans react as South Korean singer PSY (C) performs during his "Summer Swag 2023" concert at Jamsil Olympic Stadium in Seoul on June 30, 2023. (AFP)
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Shares in K-Pop Agencies Fall After Report of Antitrust Probe 

Fans react as South Korean singer PSY (C) performs during his "Summer Swag 2023" concert at Jamsil Olympic Stadium in Seoul on June 30, 2023. (AFP)
Fans react as South Korean singer PSY (C) performs during his "Summer Swag 2023" concert at Jamsil Olympic Stadium in Seoul on June 30, 2023. (AFP)

Shares in K-Pop management agencies fell on Wednesday, after South Korea's antitrust watchdog began investigations into any potential infractions of subcontracting rules when outsourcing production of albums and merchandise, Yonhap reported.

The Korea Fair Trade Commission (KFTC) sent investigators to the offices of HYBE, SM Entertainment and YG Entertainment on Tuesday, Yonhap news agency reported citing unnamed industry sources.

The KFTC is looking into whether agencies engaged in any practices with subcontractors such as verbal contracts without issuing them in writing, unfair contracts or delayed payment, Yonhap said. No specific charges have been brought.

The KFTC declined comment on any specific investigation.

HYBE, SM and YG did not immediately respond to a request for comment.

Shares in HYBE, the management agency of K-Pop sensation BTS, fell 2.1% in early morning trade, versus a flat wider market. SM Entertainment and YG Entertainment shares also fell 1.5% and 0.4%, respectively, as of 0015 GMT, although YG later reversed losses.

HYBE reported 410.6 billion won ($315.9 million) in January-March quarter sales; out of that, 44.9% came from albums and 16.8% from merchandise and intellectual property, according to a Shinhan Investment & Securities report on Tuesday.



Rihanna Reveals Third Pregnancy on Met Gala Night

Rihanna made a fashionably late entrance at the Met Gala -- showcasing a new baby bump. Angela WEISS / AFP
Rihanna made a fashionably late entrance at the Met Gala -- showcasing a new baby bump. Angela WEISS / AFP
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Rihanna Reveals Third Pregnancy on Met Gala Night

Rihanna made a fashionably late entrance at the Met Gala -- showcasing a new baby bump. Angela WEISS / AFP
Rihanna made a fashionably late entrance at the Met Gala -- showcasing a new baby bump. Angela WEISS / AFP

Rihanna loves to make an entrance at the Met Gala, and she certainly did it again Monday -- this time, announcing to the world that she is pregnant with her third child with rapper A$AP Rocky.

News of the 37-year-old singer and beauty mogul's new baby bump came before her arrival at the A-list fundraising gala, AFP said.

In a portrait put on Instagram by photographer Miles Diggs, she embraced the Black dandy theme of the gala in a fitted gray Miu Miu blouse and skirt -- the baby bump clearly visible -- matching knee-high boots, a fur stole and a black cloche hat.

Then her long-time partner A$AP Rocky, a co-chair of the event, confirmed the news to reporters who offered congratulations on the red carpet at the Metropolitan Museum of Art.

"Thank you, thank you, thank you," the rapper said. "I'm glad everybody's happy for us because we're definitely happy."

Finally, after all of the other guests had arrived, Rihanna hit the red carpet in a deconstructed black ensemble with a cropped jacket, polka dot accessories and a wide-brimmed hat. She cradled the baby bump and smiled for the cameras.

Rihanna made a similarly high-profile pregnancy reveal in 2023 -- while performing at the Super Bowl halftime show. She attended the Met Gala later that year before giving birth.

She and A$AP Rocky are parents to sons RZA, born in May 2022, and Riot, born in August 2023.

Showing off a baby bump at the Met Gala is a thing: retired tennis superstar Serena Williams did it in 2023, and model Karlie Kloss cradled her bump in both 2023 and again this year.