HYBE Corporation, the global entertainment powerhouse that backs various prominent K-Pop acts, including BTS, LE SSERAFIM, SEVENTEEN and many othꦦers, is making substantial changes within one of its subsidiary labels, ADOR, incl🐈uding its CEO Min Hee-jin.
In case you weren’t aware, ADOR is the label within HYBE that was founded by Hee-jin back in 2021. Additionally, the label is home to the popular girl group NewJeans. 💧While HYBE holds an 80% stake in ADOR, the remaining 20% i🦂s owned by ADOR Management and Hee-jin.
As per latest developments, there seems to have been a power battle between the two companies. Industry sources revealed on April 22 that HYBE has begun investigating ADOR due to suspicions that the latter is trying to break away from its deal and becoming independent. It’s 𒊎reported that HYBE received a tip-off which suggested that ADOR’s CEO and VP were planning to take over management rights. Allegedly, HYBE’s audit team discovered that these individuals were sharing confidential information to attract investors, with the idea of convincing HYBE to sell its shares in ADOR.
Additionally, it’s claimed that an unnamed executive from HYBE has been providing insider information to help ADORℱ become independent. This individual is suspected of giving ADOR confidential documents, trade secrets and necessary information to help them out.
Based on this, HYBE organized a shareholders’ meeting to hold the ADOR Management accountable. The meeting also aimed at appointing an additional director from HYBE to ADOR’s Board of Directors. Both the current directors had ಞpreviously joined the company with Hee-jin when they moved from SM Entertainment. Reportedly, HYBE’s audit team visited the ADOR office to collect computer assets and get some witness statements.
Furthermore, to make matters worse, HYBE reportedly sent a document requesting Hee-jin’🌳s resignation as the CEO of ADOR. In response to the reports, HYBE stated, as quot🐓ed by Soompi, “It is true that an audit was initiated.”
HYBE will now pursue legal action based on the information and evidence gathered from the audit. Under the law, HYBE has the authority to appoint one of its own directors to ADOR’s board. Sources suggest that Min Hee-jin is unlikely to accept this deci🎐sion and may even oppose HYBE.
