In a dramatic showdown within the K-pop industry, Hybe Corporation (formerly known as Big Hit Entertainment) and its CEO, Min Hee-jin, are locked in a fierce struggle over management rights. This clash has far-reaching implications for the entertainment world, and we’re here to break it down.
The Allegations
Hybe alleges that Min Hee-jin, along with the current ADOR management team, attempted a hostile takeover. The audit inquiry letter sent by Hybe points to suspicious activities related to management rights, external consulting, and irregular personnel recruitment within ADOR.
Min Hee-jin’s Defense
Min Hee-jin, holding an 18% stake in ADOR, vehemently denies any takeover attempt. She argues that with Hybe’s 80% majority stake, such a move would be impossible. Furthermore, she questions the timing of Hybe’s actions, especially considering NewJeans’ upcoming comeback and planned activities.
The Impact on Stock Prices
As news of the conflict spread, Hybe’s stock price plummeted by 7.81%, resulting in a market capitalization loss of 74.98 billion won. The situation remains tense, with Hybe demanding Min Hee-jin’s resignation and calling for a shareholders’ meeting.
Past Controversies
Min Hee-jin has been no stranger to controversies throughout her career:
- Ongoing HYBE Feud: Min Hee-jin’s alleged plans of usurping management rights from HYBE were announced, along with plans for an internal audit. Although she denied the claims, reports suggest that she attempted to earn ownership by leaking personal information about HYBE idols and tarnishing their images. Amid this feud, Min Hee-jin made inflammatory statements, accusing HYBE of copying her concepts.
- “Pedophilic” and “Problematic” Inspiration: Netizens discovered alarming inspirations on Min Hee-jin’s personal Instagram account. Films featuring young girls and much older men, as well as a vinyl narrating a pedophilic, illicit romance between a middle-aged man and a 15-year-old girl, raised concerns.
- Inappropriate Outfits: When NewJeans debuted with “Attention,” some of the music video looks were considered outside the age-appropriate concept. Critics found the outfits worn by the group outside the video to be too mature for the young girls.
- Staying in the Spotlight: Columnists criticized Min Hee-jin for staying in the spotlight and having too much influence on NewJeans. Netizens expressed a preference for her to let the members shine on their own.
- Inappropriate Scenes in “Cool With You”: Scenes from NewJeans’ music video “Cool With You” raised eyebrows. Given that several members are minors, some found the intimate scenes inappropriate, regardless of the story being told.
- “ETA” Controversy: NewJeans’ first comeback teaser featured the name “ETA,” which is shared with a Spanish terrorist group. The inclusion of related names alongside NewJeans sparked debate.
What Lies Ahead
As the deadline for Hybe’s audit inquiry response approaches, the K-pop community eagerly awaits resolution. Will this clash affect NewJeans’ comeback? Only time will tell.
Stay tuned for further updates on this David versus Goliath battle in the entertainment world.
