Courtesy of Ador
According to an industry source on Friday, Ador CEO Min Hee-jin requested exclusive rights to terminate NewJeans' contract with Hybe in February, but the request was declined by the parent company.
Exclusive contracts with artists are considered vital assets for entertainment companies and typically require approval from the board of directors. Hybe, which holds a contract with Min requiring consent from its directors for terminating NewJeans' management deal, deemed Min's request unreasonable and did not provide further comment.
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| ▲ Ador CEO Min Hee-jin / Courtesy of Ador |
Ador currently has a board consisting of three directors, including Min and her two close aides. However, as Hybe holds an 80 percent stake in Ador, it can convene an extraordinary meeting of shareholders to change the directors, thus preventing Min from obtaining approval for contract termination.
Min asserted that her request aimed to address interference during NewJeans' debut and maintain Ador's independence as a label. However, Hybe interpreted a message from Min to two board directors as indicative of a plan to "make the company an empty shell," discovered during an internal audit last month.
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| ▲ NewJeans / Courtesy of Ador |
Hybe accused Min of attempting to poach the K-pop girl group and reported her to the police for breach of trust. Min denied the allegation, stating that the message was merely private conversation and she had no intention to execute such a plan.
Meanwhile, Hybe reported a significant decline in revenue and operating profit in the first quarter of this year, with sales decreasing by 12.1 percent year-on-year to 360.9 billion won and operating profit plummeting by 72.6 percent to 14.4 billion won.
Sayart
Kelly.K, pittou8181@gmail.com
Hybe Rejects Exclusive Termination Rights Request, Citing Unreasonableness
Courtesy of Ador
According to an industry source on Friday, Ador CEO Min Hee-jin requested exclusive rights to terminate NewJeans' contract with Hybe in February, but the request was declined by the parent company.
Exclusive contracts with artists are considered vital assets for entertainment companies and typically require approval from the board of directors. Hybe, which holds a contract with Min requiring consent from its directors for terminating NewJeans' management deal, deemed Min's request unreasonable and did not provide further comment.
|
| ▲ Ador CEO Min Hee-jin / Courtesy of Ador |
Ador currently has a board consisting of three directors, including Min and her two close aides. However, as Hybe holds an 80 percent stake in Ador, it can convene an extraordinary meeting of shareholders to change the directors, thus preventing Min from obtaining approval for contract termination.
Min asserted that her request aimed to address interference during NewJeans' debut and maintain Ador's independence as a label. However, Hybe interpreted a message from Min to two board directors as indicative of a plan to "make the company an empty shell," discovered during an internal audit last month.
|
| ▲ NewJeans / Courtesy of Ador |
Hybe accused Min of attempting to poach the K-pop girl group and reported her to the police for breach of trust. Min denied the allegation, stating that the message was merely private conversation and she had no intention to execute such a plan.
Meanwhile, Hybe reported a significant decline in revenue and operating profit in the first quarter of this year, with sales decreasing by 12.1 percent year-on-year to 360.9 billion won and operating profit plummeting by 72.6 percent to 14.4 billion won.
Sayart
Kelly.K, pittou8181@gmail.com
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