Newborn agency GRID Entertainment acquired rapper B.I.’s agency 131 Label and announced its plans to debut a brand new boy band this year.

GRID Entertainment announced the agency’s establishment and said it signed an exclusive contract with the Thai actor Yorchi in a press release on Monday.

“We plan on showcasing a new boy band, including Yorchi. We are currently preparing to meet our global fans,” said the agency.

The agency also said Monday that it acquired 131 Label, a hip-hop label and entertainment agency established by B.I in 2018.

“We have assigned 131 to one of the in-house labels of [GRID Entertainment], and we will strengthen the agency as a label that focuses on solo artists,” Sim Hyejin, CEO of GRID Entertainment, said. Sim was the co-CEO of 131 Label.

“Starting with Yorchi, we will also reveal a variety of information regarding the members of the upcoming boy band, including the name of the band,” Sim added.

Led by Sim, GRID Entertainment is a newborn entertainment agency founded by former directors of Y.G. Entertainment, S.M. Entertainment and other K-pop agencies.

BY CHO YONG-JUN [cho.yongjun1@joongang.co.kr]