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Producer Min Hee-jin, who heads HYBE subsidiary ADOR. Photo: @min.hee.jin/Instagram

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Shares of BTS agents plunge after audit announcement

Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:900px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1713868742137Snapinsta.app_353002172_217407367317263_3770998825417109377_n_1080.jpg" style="width:900px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left">Producer Min Hee-jin, who heads HYBE subsidiary ADOR. <em>Photo: @min.hee.jin/Instagram</em></span></span></span>SEOUL, South Korea — Shares of the South Korean agency behind K-pop sensation BTS dropped nearly 10 percent this week after the company announced a probe into its powerhouse subsidiary and demanded the resignation of a star producer.</div><p>The agency, HYBE, told AFP on Tuesday that it had launched an audit into its subsidiary label ADOR, which manages popular girl group NewJeans, a two-year-old K-pop phenomenon who have topped global charts.</p><p>The agency said it was investigating whether ADOR chief and famed superproducer Min Hee-jin was plotting to break away from the parent company, which holds a controlling 80 percent stake.</p><p>HYBE has &quot;launched an audit into ADOR and sent a letter to Min demanding her resignation,&quot; a HYBE official told AFP.</p><div><a class="fr-green" href="https://news.abs-cbn.com/entertainment/2024/4/23/hybe-labels-explained-k-pop-acts-their-sub-labels-1451"><strong>HYBE Labels, explained: K-pop acts, their sub-labels<br/></strong></a></div><p>As news of the feud emerged in the South Korean press Monday, HYBE&#x27;s share price dropped 7.81 percent, before falling another 1.18 percent Tuesday.</p><p>The company&#x27;s share price tumbled in 2022 when BTS announced they would go on &quot;hiatus&quot; <span id="isPasted" style="color:rgb(65, 65, 65);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">—</span> before they all began enlisting in South Korea&#x27;s mandatory military service. Vocalist Jin is set to become the first member to complete the duty in June.</p><p>HYBE claims that Min, who has a track record of successfully nurturing K-pop bands and also masterminded the creation of NewJeans, was seeking to independently manage the girl group.</p><p>But Min released a statement Monday calling the accusation &quot;dumbfounding&quot; and saying that tensions with HYBE began after she accused another of their subsidiaries of copying NewJeans.</p><div><a class="fr-green" href="https://news.abs-cbn.com/entertainment/2024/4/22/copycats-newjeans-boss-reportedly-hits-fellow-hybe-group-illit-2010"><strong id="isPasted">READ: Copycats? NewJeans&#x27; boss reportedly hits fellow HYBE group ILLIT</strong></a></div><p>&quot;ILLIT has been copying NewJeans in entertainment activities ranging from hairstyle, makeup, dress, choreography, photography, videos and event appearances,&quot; she said, referring to a new girl group debuted by another HYBE subsidiary label.</p><p>NewJeans&#x27; achievements &quot;have been gravely violated by HYBE&quot;, she said in a statement obtained by AFP.</p><p>HYBE is in a tricky spot as firing Min, who has been nicknamed &quot;NewJeans&#x27; mum&quot; for being in charge of everything related to the band, could put the &quot;survival of the group at risk,&quot; Kim Do-hoon, a pop culture columnist, told AFP.</p><p>South Korea&#x27;s unique entertainment business model, where agencies not artists typically hold all the power, means even chart-topping groups like NewJeans can fall prey to boardroom struggles.</p><p>&quot;It vividly shows how vulnerable South Korea&#x27;s intellectual property is to crumbling under the K-pop&#x27;s factory-like production system when there&#x27;s a dispute like this,&quot; Kim said.</p><p>&quot;Removing Min from the equation... can bring NewJeans members who are still in their teens emotional damage much more than people expect.&quot;</p><div><strong>© Agence France-Presse</strong></div><div><em>For more news and features on K-pop, K-drama, and K-stars, visit the </em><a class="fr-green fr-strong" href="https://news.abs-cbn.com/kcontents"><em>Hallyu Corner</em></a><em> microsite.</em></div><div><br/></div>

<p>Shares of the South Korean agency behind K-pop sensation BTS dropped nearly 10 percent this week after the company announced a probe into its powerhouse subsidiary and demanded the resignation of a star producer.</p>

Shares of the South Korean agency behind K-pop sensation BTS dropped nearly 10 percent this week after the company announced a probe into its powerhouse subsidiary and demanded the resignation of a star producer.

Shares of BTS agents plunge after audit announcement

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Shares of BTS agents plunge after audit announcement

Agence France-Presse,

Kang Jin-kyu

Published Apr 23, 2024 07:47 PM PHT

Read More:

K-pop

K-content

HYBE

Min Hee-jin

Min Heejin

ADOR

ILLIT

NewJeans

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