Rapper Psy founds new label under YG Entertainment

South Korean rapper Psy has established his own music label, his management agency said Friday.

"Psy founded PSYG, an independent label under YG. He has already finished the relevant documentation work in June," YG Entertainment said.

The rapper-producer, who became a global sensation with "Gangnam Style" in 2012, had previously said he was planning to set up his own label.

There are already two independent labels under the YG management firm -- HIGHGRND (High Ground) led by Tablo and The Black Label led by Teddy, Kush and ZionT. The labels are designed to allow more unfettered attempts by individual artists to explore their unique music world and create synergy between artists and the company. (Yonhap)