Shares of SBS and YG Entertainment plummeted after the drama "Joseon Exorcist" was involved in a controversy.
As fans know, previously SBS had canceled the broadcast of the drama "Joseon Exorcist" even though it had only aired a total of 2 episodes.
The cancellation was made after the drama 'Joseon Exorcist' sparked controversy because it was considered to have ruined history and used Chinese attributes in its drama scenes.
Now according to a report from the Korea Exchange, the combined market value of YG Entertainment and SBS on March 26, 2021 has dropped to 1.2297 trillion Won.
Even though on March 22, 2021, the day the drama 'Joseon Exorcist' first aired, the market value of YG Entertainment and SBS was 1.3014 trillion Won. So that the shares of the two companies decreased to 71.6 billion Won.
YG Entertainment is the parent company of YG STUDIOPLEX, the production house of the drama "Joseon Exorcist" and SBS is a television station that broadcasts the drama. As a result of this controversy, YG Entertainment's share price fell by 5.63%, while the share price of its subsidiary YG PLUS also decreased by 2.64%.
As the drama “Joseon Exorcist” has finished filming by 80%, the production house and investors are expected to incur losses of up to 32 billion Won. Hong Se Jong who is a financial expert at Shinhan Investment said that SBS could lose up to 7 billion Won if it didn't air the remaining 14 episodes. (www.kpopchart.net)
