• 2NE1 is a South Korean girl group formed by YG Entertainment in 2009.

2NE1 is a South Korean girl group formed by YG Entertainment in 2009. (Photo : Twitter/YGLadies)

YG Entertainment revealed on Tuesday, April 5, that 2NE1 will become a trio, as one of its members decided not to renew her contract with the label. For seven long years, Gong Min Ji, popularly known as Minzy, shared the stage with Dara (Sandara Park), CL (Lee Chaelin) and Park Bom. However, the youngest member of the group is now set to bid farewell.

Like Us on Facebook

"With May 5th, 2016 marking the date for each 2NE1 members to renew their contracts, YG tried to convince each member through individual meetings since January in hopes of contract renewals," YG Entertainment said in a statement in YG-Life.

The sad news came before the 2NE1's major comeback in the K-Pop scene. Since launching their 2014 hit single "Crush," 2NE1 has been all but absent as a group. However, while their return is said to be nearing, the news about Minzy searching for another agency before his contract expires on May 5 spread like wildfire.

"YG's contract with 2NE1 expires on May 5, 2016. Last January, we had individual face-to-face talks with each member regarding renewing their contracts and showed our desire for the group to reform," YG's statement further said. "Unfortunately, Gong Minzy did not feel the same."

While Minzy will be leaving the group, Dara, CL and Park Bom will continue recording songs and doing concerts as a trio, Billboard shared. As a matter of fact, 2NE is set to release a new single this summer. YG also confirmed that no new artist will be added to the group.

Meanwhile, Minzy's last performance with the group was during the 2015 Mnet Asian Music Awards (MAMA), which was 2NE1's first-ever Korean television performance since they decided to take hiatus. During Park Bom's legal issue in 2014, Dara took break from singing and focused more on television appearances, while CL attempted to enter the American music market and Minzy launched her own dance studio.

The group's success did not stop as they were also featured in several TV shows like "America's Next Top Model" and "The Bachelor." In fact, 2NE1 is still considered as one of the most popular Korean all-female group, alongside Girl's Generation, Wonder Girls and Kara.

Watch 2NE1's performance during the Mnet Asian Music Awards 2015: