YG Entertainment CEO Yang Hyun-suk will donate 500 million won ($480,000) to help the families of those killed in the ferry sinking last week.
The donation will be made through YG's charity project WITH, which has long used some of YG's annual profits to help those in need in Korea, according to YG Entertainment.
"As a parent myself, it was heart-wrenching to follow the Sewol accident. I know that there are no words that could console the parents who lost their children in this tragedy," Yang was quoted as saying by an YG official.
Yang decided to donate after a senior staff meeting on April 24.
Yang also stressed that "YG Entertainment will see to it that the funds will be delivered directly to the families of those who fell victim to the tragedy."
Over the years, Yang and his artists have carried out philanthropic activities through WITH.
Last year, Yang contributed 100 million won to aid young heart disease patients through the Dream Gift campaign, jointly launched with Yonsei University's Severance Hospital.
In March 2013, the CEO donated 1 billion won to less-fortunate child patients in Korea. The money was from cash dividends he received from YG Entertainment as a majority shareholder.
For the time being, YG Entertainment is likely to put its artists' activities on hold out of respect for the ferry accident victims and their families.
His donation came after a number of celebrities made donations for the ferry disaster victims. Actor Kim Soo-hyun, who starred in SBS' "My Love from the Star," will donate 300 million won. Actor Song Seung-heon, actress Ha Ji-won, and the actor and actress couple Seol Kyeong-gu and Song Yoon-ah each donated 100 million won. Figure skater Kim Yu-na also donated 100 million won.
By Sohn Ji-young (email@example.com)