South Korean label YG Entertainment has announced that the world-famous pop group 2NE1 is officially disbanding, Naver reports. The news follows group member Minzy's departure in April, and CL's attempt to crossover into the American market as a solo artist.

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"2NE1’s exclusive contract expired in May 2016, and with Minzy leaving 2NE1, we have come to the decision to officially disband after extensive discussion with the remaining members," YG Entertainment said in a statement. "For the past 7 years, 2NE1 was a representative group of YG. We, too, cannot express how upset and disappointed we are. However, we judge that it’ll be difficult to continue promoting. We decided that instead of looking forward to 2NE1’s unpredictable promotions, we should rather focus on the solo promotions of the members."

The label announced that group members CL and Dara have been resigned to solo contracts, while Park Bom "did not have a renewal.”

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A representative for 2NE1 was not immediately available for comment.

