K-pop giant Hybe’s shares plunge amid NewJeans dispute
A South Korean music executive credited with creating popular Kpop 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 more than 12 percent 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 declined 4.95 percent on Friday, while the benchmark KOSPI ended more than 1 percent higher.
On Thursday, Min Hee-jin, chief executive officer of the Ador label majority owned by Hybe, told a livestreamed event watched by millions of K-pop fans that she was not plotting to break away from the company, denying Hybe claims own a 20 percent stake in Ador, that she was leading plans to go while Hybe owns an 80 percent independent. stake. The dispute is the latest to
Hybe launched an internal hit South Korea’s lucrative K-pop probe earlier this week, and has industry. accused Min of breach of trust. Last year, the takeover of SM
“I’m sorry for causing worry Entertainment by South Korean to the fans, artists, and the staff social media giant Kakao, triggered over what happened during the an internal battle over management, process of upgrading the multilabel” and Fifty Fifty, a girl system, Hybe chief executive group behind TikTok hit Cupid, officer Park Ji-won said in a saw their careers fizzle out following statement. a legal battle with their agency
Min and other top executives Attrakt.