HYBE BTS merch pact expands K Wave Media (KWM) global distribution reach

Rhea-AI Filing Summary

K Wave Media Ltd., through its wholly owned subsidiary Play Company Co., Ltd., has entered into a one-year Supply and Distribution Agreement with HYBE Co., Ltd., effective April 3, 2026. Play receives a worldwide priority right to purchase and distribute HYBE-produced video publications and printed materials tied to concerts of BTS, Seventeen, Tomorrow X Together and LE.

Play will buy, distribute and sell these products at its own cost and risk through online and offline channels, including third-party distributors. The agreement includes detailed terms on ordering, delivery, payment, warranties, intellectual property, confidentiality, force majeure and termination, with liquidated damages and penalties for delivery delays and confidentiality breaches.

Insights

Media & licensing analyst

K Wave gains priority global rights to distribute HYBE concert media and merchandise.

The agreement gives K Wave Media’s subsidiary Play a worldwide priority right to purchase and distribute HYBE content and concert merchandise for leading K-pop groups like BTS, Seventeen, Tomorrow X Together and LE. Play operates at its own cost and risk, suggesting a pure distribution model.

Key protections include HYBE retaining intellectual property while indemnifying Play for third-party IP claims, a six-month product warranty, and liquidated damages of 0.1% per day on delayed deliveries. A one-year initial term with termination for insolvency or uncured material breach means renewal and performance will shape the longer-term value of this relationship.

Key Figures

Agreement term: 1 year Delivery delay liquidated damages: 0.1% per day Confidentiality breach penalty: KRW 100,000,000 +3 more

6 metrics

Agreement term 1 year Initial term from April 3, 2026

Delivery delay liquidated damages 0.1% per day Of delayed portion of product value

Confidentiality breach penalty KRW 100,000,000 Penalty for violating confidentiality obligations

Inspection period 10 days Play must inspect products within 10 days of delivery notice

Warranty period 6 months HYBE warranty duration following product delivery

Cure period for material breach 10 business days Time allowed to cure material breach before termination

Key Terms

Supply and Distribution Agreement, forward-looking statements, liquidated damages, intellectual property, +2 more

6 terms

Supply and Distribution Agreement financial

"entered into a Supply and Distribution Agreement (the “Supply and Distribution Agreement”) with HYBE Co., Ltd."

forward-looking statements regulatory

"This Form 6-K Report includes forward-looking statements within the meaning of Section 27A"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

liquidated damages financial

"HYBE shall pay liquidated damages equal to 0.1% per day of the delayed portion"

A pre-agreed sum that one party must pay if it breaks a contract, chosen so both sides avoid arguing over the exact amount of loss later. Think of it like a fixed cancellation fee for a reservation: it makes potential costs predictable. For investors, liquidated damages matter because they create a known financial liability that can affect cash flow, contract risk, balance-sheet exposure and deal valuations.

intellectual property financial

"All intellectual property remains with HYBE."

Intellectual property are legal rights that protect creations of the mind—such as inventions, brand names, designs, software, or secret formulas—giving the owner control over who can use, copy or sell them. For investors, IP is like owning a blueprint or recipe: it can generate steady income through exclusive sales or licensing, boost a company’s competitive edge and valuation, and also create costs or risks if rights must be defended or challenged in court.

force majeure regulatory

"Neither Party shall be liable for failure due to force majeure events."

Force majeure is a legal concept that refers to unexpected events beyond anyone’s control, such as natural disasters, war, or severe disruptions, that prevent a party from fulfilling their obligations. It matters to investors because it can delay or cancel agreements, affecting the timing and certainty of financial transactions and obligations. Essentially, it acts as a shield for parties facing unforeseen, uncontrollable problems.

indemnifies financial

"HYBE retains all intellectual property rights and indemnifies Play against third-party infringement claims."

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2026

Commission file number: 001-42648

K WAVE MEDIA LTD.

c/o Maples Corporate Services Limited

PO Box 309, Ugland House

Grand Cayman, KY1-1104

Cayman Islands

(703) 790-0717

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒          Form 40-F ☐

K Wave Media Enters into Supply and Distribution Agreement with HYBE Co., Ltd.

On April 3, 2026 (the “Effective Date”), Play Company Co., Ltd. (“Play”), a wholly owned subsidiary of K Wave Media Ltd. (the “Company”), entered into a Supply and Distribution Agreement (the “Supply and Distribution Agreement”) with HYBE Co., Ltd., a South Korean based entertainment company focusing on music production, artist management and technology-driven fan platforms (“HYBE”), pursuant to which HYBE granted to Play a worldwide priority right to purchase and distribute video publications and printed materials, including photobooks, DVDs, concert merchandise and digital codes, produced by HYBE for distribution by Play and relating to certain concerts of musical groups BTS, Seventeen, Tomorrow X Together and LE SSERAFIM (collectively, the “Products”).

Pursuant to the Supply and Distribution Agreement, Play will purchase, distribute, and sell the Products at its own cost and risk through online and offline channels, including third-party distribution channels.

The term of the Supply and Distribution Agreement commenced on the Effective Date and will continue for one year, unless extended by mutual agreement of Play and HYBE. Either party may terminate the Supply and Distribution Agreement upon the other party’s insolvency or material breach of the Supply and Distribution Agreement which is not cured within ten business days of such material breach.

The Purchase Agreement contains customary indemnification obligations of the parties.

The foregoing description of the Supply and Distribution Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Supply and Distribution Agreement, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Cautionary Note Regarding Forward-Looking Statements

This Form 6-K Report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this communication and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, market, financial, political and legal conditions.

If any of these risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company does not presently know, or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s current expectations, plans and forecasts of future events and views as of the date hereof. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein and the risk factors of the Company described in the Company’s Form 20-F initially filed with the SEC on May 14, 2025, as amended, including those under “Risk Factors” therein. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

1

EXHIBIT INDEX

Exhibit No.		Description
99.1*		Supply and Distribution Agreement, dated April 3, 2026, by and between Play Company Co., Ltd. and HYBE Co., Ltd.

* Certain portions of this exhibit (indicated with “[***]”) have been redacted in accordance with Item 601(b)(10)(iv) of Regulation S-K.

2

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	K Wave Media Ltd.
Date: April 9, 2026	By:	/s/ Ted Kim
	Name:	Ted Kim
	Title:	Chief Executive Officer

3

Exhibit 99.1

SUPPLY AND DISTRIBUTION AGREEMENT
(English Translation)

This Supply and Distribution Agreement (the “Agreement”) is entered into as of April 3, 2026 (the “Effective Date”), by and between:

Play Company Co., Ltd., a company organized under the laws of the Republic of Korea (“Play”); and

HYBE Co., Ltd., a company organized under the laws of the Republic of Korea (“HYBE”).

Play and HYBE are hereinafter collectively referred to as the “Parties” and individually as a “Party.”

1. PURPOSE

The purpose of this Agreement is to establish fair trade practices and define the terms governing the supply and distribution of products.

2. PRODUCTS

“Products” means video publications and printed materials, including photobooks, DVDs, concert merchandise, and digital codes, produced by HYBE and distributed by Play.

3. GRANT OF RIGHTS

HYBE grants Play a priority right to purchase and distribute the Products worldwide during the Term.

4. DISTRIBUTION

Play shall purchase, distribute, and sell the Products at its own cost and risk through online and offline channels, including third-party distribution.

5. PURCHASE ORDERS

Orders shall be placed via written purchase orders and become binding upon HYBE’s acceptance.

6. DELIVERY AND RISK

Risk of loss remains with HYBE until delivery to Play. Delivery shall be completed upon inspection and acceptance.

7. INSPECTION

Play shall inspect Products within ten (10) days of delivery notice. HYBE shall remedy any defects at its own cost.

8. PAYMENT TERMS

HYBE shall invoice monthly, and Play shall pay all amounts due by the end of the month following receipt.

9. TITLE

Title to Products transfers to Play only upon full payment.

10. LIQUIDATED DAMAGES

HYBE shall pay liquidated damages equal to 0.1% per day of the delayed portion of the Product value.

11. MARKETING AND PROMOTION

Play may use HYBE-provided materials solely for promotion, subject to HYBE’s prior approval. All intellectual property remains with HYBE.

12. WARRANTY

HYBE warrants the Products for six (6) months following delivery and shall replace defective Products.

13. INTELLECTUAL PROPERTY

HYBE retains all intellectual property rights and indemnifies Play against third-party infringement claims.

14. TERM

The term of this Agreement shall be one (1) year from the Effective Date unless extended by mutual agreement.

15. CONFIDENTIALITY

Each Party shall maintain confidentiality of all non-public information. A penalty of KRW 100,000,000 applies for breach.

2

16. TERMINATION

Either Party may terminate upon insolvency, material breach, or failure to cure within ten (10) business days.

17. POST-TERMINATION

Upon termination, inventory and payments shall be reconciled depending on the breaching Party.

18. DAMAGES

Each Party shall indemnify the other for losses arising from breach.

19. ASSIGNMENT

No assignment without prior written consent.

20. FORCE MAJEURE

Neither Party shall be liable for failure due to force majeure events.

21. GOVERNING LAW

This Agreement shall be governed by the laws of the Republic of Korea. The Seoul Central District Court shall have exclusive jurisdiction.

22. PRIOR BID TERMS

Terms from the winning bid proposal shall form part of this Agreement and prevail over inconsistent purchase order terms.

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.

PLAY COMPANY CO., LTD.
By:	/s/ Hyung Seok Cho
Name:	Hyung Seok Chi
Title:	Chief Executive Officer
HYBE CO., LTD.
By:	/s/ Jae Sang Lee
Name:	Jae Sang Lee
Title:	Chief Executive Officer

3

Appendix 1 – Product Details (English Translation) [Redacted]

Release Date

Artist

Product Name (Working Title)

Type

Initial Quantity

Supply Ratio

Distribution Territory

[***]

SEVENTEEN

[***]

Concert Merchandise

[***]

[***]

Domestic and International

[***]

TOMORROW X TOGETHER

[***]

Concert Merchandise

[***]

[***]

Domestic and International

[***]

SEVENTEEN

[***]

Concert Merchandise

[***]

[***]

Domestic and International

[***]

LE SSERAFIM

[***]

Concert Merchandise

[***]

[***]

Domestic and International

[***]

SEVENTEEN

[***]

Concert Merchandise

[***]

[***]

Domestic and International

[***]

BTS

[***]

Concert Merchandise

[***]

[***]

Domestic and International

Notes:

Certain commercially sensitive information has been omitted and replaced with [***].

Omitted information is not material and would likely cause competitive harm if publicly disclosed.

A-1

FAQ

What agreement did K Wave Media (KWM) announce with HYBE?

K Wave Media’s subsidiary Play signed a one-year Supply and Distribution Agreement with HYBE. Play gets a worldwide priority right to purchase and distribute HYBE-produced video publications and concert-related merchandise for BTS, Seventeen, Tomorrow X Together and LE through online and offline sales channels.

Which artists are covered under K Wave Media’s distribution deal with HYBE?

The agreement covers products related to concerts by BTS, Seventeen, Tomorrow X Together and LE. Play can purchase and distribute photobooks, DVDs, concert merchandise and digital codes produced by HYBE, giving K Wave Media exposure to multiple major K-pop groups within a single distribution framework.

How long is the K Wave Media–HYBE Supply and Distribution Agreement effective?

The agreement runs for one year from April 3, 2026, the effective date. It can be extended only by mutual agreement. Either party may terminate if the other becomes insolvent or fails to cure a material breach within ten business days, providing defined contractual exit routes.

What financial and legal protections are included in K Wave Media’s deal with HYBE?

HYBE must pay liquidated damages of 0.1% per day on delayed product value and provides a six-month warranty, replacing defective products. A confidentiality breach triggers a KRW 100,000,000 penalty. HYBE also indemnifies Play against third-party intellectual property infringement claims related to the distributed products.

How will Play, K Wave Media’s subsidiary, operate under the HYBE agreement?

Play will purchase, distribute and sell HYBE products at its own cost and risk. It will use online and offline channels, including third-party distribution partners. Orders are made via written purchase orders, with risk of loss transferring after delivery and inspection, and payment due monthly following invoicing.

Which law governs the K Wave Media and HYBE Supply and Distribution Agreement?

The agreement is governed by the laws of the Republic of Korea. Any disputes fall under the exclusive jurisdiction of the Seoul Central District Court. This governing law clause clarifies the legal framework and venue that apply to enforcement and interpretation of the contract’s terms between the parties.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EXHIBIT 99.1 27.5 KB