The Boyz's new agency, One Hundred Label, and its previous agency, IST Entertainment, have reached an agreement granting the group usage rights to the band's name, according to One Hundred Label on Thursday.

“Prioritizing The B [The Boyz’s fandom], the two companies have reached an agreement that will make everyone happy,” said the new label in a press release.

“We appreciate IST Entertainment's efforts to extend an olive branch with open hearts. We apologize to the fans for causing concern.”

On Wednesday, local media Ten Asia reported that One Hundred Label said that the former agency demanded "billions of won" for The Boyz's brand and copyright.

In response, IST Entertainment said in a press release that the news was false and that it gave the members the usage rights for free, which later was refuted by One Hundred Label.

BY YOON SEUNG-JIN [yoon.seungjin@joongang.co.kr]