K-pop giant Hybe shares take another hit as dispute with NewJeans label drags on

Min Hee-jin, CEO of HYBE's sub-label Ador, speaks at a press conference in Seoul, South Korea, on April 25, 2024.SEOUL - A South Korean music executive credited with creating popular K-pop group NewJeans denied allegations that she was trying to break her label away from Hybe, home to global sensation BTS, sending the K-pop giant's shares tumbling on Friday .

The internal dispute at Hybe, South Korea's biggest music firm, has wiped over 12 per cent off its share price since it became public on Monday and put a damper on expectations for an upturn from new releases by NewJeans, as well as the return of some BTS members from mandatory military service. Hybe shares closed 4.95 per cent down on Friday, while the benchmark Kospi index ended more than one per cent higher.

On Thursday, Min Hee-jin, CEO of the Ador label majority owned by Hybe, told a live-streamed event watched by millions of K-pop fans that she was not plotting to break away from the company, denying Hybe claims that she was leading plans to go independent."I'm sorry for causing worry to the fans, artists, and the staff over what happened during the process of upgrading the multi-label ," Hybe CEO Park Ji-won said in a statement.

Last year, the takeover of SM Entertainment by South Korean social media giant Kakao, triggered an internal battle over management, and Fifty Fifty, a girl group behind TikTok hit Cupid, also saw their career fizzle out following a legal battle with its agency Attrakt in 2023.

Source: Entertainment Trends (entertainmenttrends.net)

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Record giant Hybe audits NewJeans label as infighting returns to K-popSEOUL — South Korea's largest music company is auditing the management of one of its labels as it suspects they are planning to break away, the latest case of infighting in K-pop, one of the world's most popular and profitable music industries.
Source: asiaonecom - 🏆 10. / 59 Read more »

Ador CEO Min Hee-jin claims Hybe’s new K-pop group Illit are NewJeans ‘copycats’pThe renowned K-pop producer claims Illit are copying NewJeans' styling and choreography./p
Source: straits_times - 🏆 5. / 69 Read more »

Ador CEO Min Hee-jin claims Hybe’s new K-pop group Illit are NewJeans ‘copycats’The renowned K-pop producer claims Illit are copying NewJeans' styling and choreography.
Source: The Straits Times - 🏆 8. / 63 Read more »

HYBE vs Min Hee-jin: NewJeans’ agency in conflict with parent company, CEO alleges new group Illit copied conceptHYBE, the conglomerate behind BTS, Le Sserafim and Seventeen, is currently embroiled in a conflict with Min Hee-jin, the CEO of its subsidiary label ADOR – which is NewJeans’ agency.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

K-pop agency Hybe files legal complaint against Ador CEO Min Hee-jinHybe also claimed that Ms Min had been inappropriately “coached” by a shaman while leading Ador.
Source: straits_times - 🏆 5. / 69 Read more »

Paw patrol: Seoul city enlists pet dogs and owners to sniff out trouble during walksParticipants say the voluntary programme makes neighbours feel safer and fosters community spirit.
Source: The Straits Times - 🏆 8. / 63 Read more »