Products You May Like
This article was originally published by Tmz.com. Read the original article here.
BTS Members Become Millionaires, Producer Now Billionaire
Skip to content
It pays to be in K-pop … all 7 members in BTS are now multimillionaires and their longtime producer just joined the ranks of the triple comma club.
Here’s the deal … Big Hit Entertainment, the South Korean record label behind BTS, is raising a ton of money after pricing its initial public offering at the top end of its target range following a ton of interest from investors, and it’s paying off big time for the band members and company CEO.
Big Hit is issuing shares at $115 each, raising $822 million and valuing the record label at a whopping $4.1 billion. The deal is South Korea’s largest stock market listing in 3 years.
BTS’ members — Kim Tae-hyung, Jung Ho-seok, Kim Nam-joon, Kim Seok-jin, Park Ji-min, Jeon Jung-kook, and Min Yoon-gi — are benefiting from the IPO price … they were each given 68,385 shares in Big Hit last month, and their stakes are now worth $7.9 million each.
That’s peanuts compared to Big Hit honcho Bang Si-Hyuk, the man credited with creating BTS back in 2013 and setting the band up for superstardom. Bang owns over 40% of the company, according to stock exchange filings, making him a billionaire.
Celebrity Gossip and Entertainment News