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Recently, the conflict between the popular South Korean idol group NewJeans and their agency ADOR, along with their founder former CEO Min HeeJin and HYBE, has reached its peak. NewJeans has taken a firm stance by demanding the termination of their exclusive contract with ADOR, while Min HeeJin has countered by announcing her intention to exercise the put option according to her shareholder agreement with HYBE.
On September 11, NewJeans held an emergency live broadcast demanding the return of Min HeeJin to her former position and the restoration of ADOR, but their demands were not accepted. Furthermore, with the disclosure of internal documents within HYBE, NewJeans sent a certified letter to ADOR on the 13th warning of the termination of their exclusive contract. The members directly conveyed their demands using their real names and showed a strong stance by threatening to nullify the contract if their demands are not met.
In response, ADOR stated, “We are identifying the specific requests and will do our best to continue cooperating with the artists.” However, the conflict between Min HeeJin and HYBE is unfolding on a different dimension. Min HeeJin expressed her intention to exercise the put option to HYBE and claimed that the shareholder agreement is still valid. HYBE argues that the contract has already ended, but Min HeeJin is opposing this.
According to the shareholder agreement, Min HeeJin can receive an amount corresponding to her share from the product of multiplying ADOR’s average operating profit over the last two years by 13. As a result, Min HeeJin is expected to receive approximately 26 billion won from the put option. However, legal disputes with HYBE are anticipated in this process, and the conflict between the two parties is expected to intensify further.
The conflict among NewJeans, Min HeeJin, and HYBE goes beyond a mere contract issue, revealing the complex interests within the Korean entertainment industry. The developments going forward are drawing significant attention. Fans and stakeholders are closely watching how this situation will be resolved and whether they can shine on stage once again.
This article has been written by Kpopmap AI writer and while we have made efforts to ensure the accuracy of the article, there may be errors or inaccuracies.
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