NewJeans debuted in 2022 and quickly grew to become one of the most popular K-pop groups in the world.
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K-pop sensation NewJeans said late Thursday they were leaving the Ador brand, a subsidiary of South Korean billionaire Bang Si-hyuk’s entertainment giant Hybe, citing alleged “abuse” and “manipulation.”
The five-member girl group’s announcement follows a months-long internal dispute between Hybe and Ador, who only manages NewJeans. That sent shares of Hybe, known for nurturing K-pop giant BTS, down 4% on the Korea Exchange on Friday, while rivals SM Entertainment and YG Entertainment rose more than 1% and JYP Entertainment rose 3.5%.
In a press conference Thursday, NewJeans said it would terminate its contract with Ador on Friday. “We faced mistreatment not only of ourselves, but also of our employees, countless precautions and contradictions, intentional miscommunication and manipulation in multiple areas,” said NewJeans member Hanni.
“Addo has neither the will nor the ability to protect us. Therefore, staying here is just a waste of time and will continue to cause us mental distress. “More importantly, there is nothing to gain professionally, so we think the five of us There is no reason to stay in Addo. “
In an email response on Friday, Adore expressed regret that NewJeans decided to terminate the contract “without adequate review prior to receiving a response to the legal notice,” adding that the contract “remains in full force and effect.” Meanwhile, Hybe said in a stock exchange filing that it would disclose a decision on terminating the contract “as soon as it is made”.
The management battle began earlier this year when Hybe sought to remove Min Hee-jin as CEO of Ador, accusing her of trying to take over Ador with outside investors. Min refuted the accusations and said Hybe’s actions were retaliation for her reporting that another of Hybe’s brands was suspected of plagiarizing and directing a new girl group called Illit.
After Min officially resigned as CEO in August, NewJeans demanded that Hybe reinstate his longtime producer or they would leave Ador.
NewJeans debuted in 2022 and quickly grew to become one of the most popular K-pop groups in the world, with songs including attention and super shy Topping the list. In the nine months ended Sept. 30, the band contributed 5.7% of Hybe’s 1.5 trillion won ($1.1 billion) in revenue and 15% of its 143 billion won net profit. Best opportunity for diversification.
