iirc Hybe can always file an injunction if Ador suddenly terminates newjeans contract. I think I read that in an article but don't quote me on this. If MHJ held the power to terminate it by herself an injunction might not have changed things. Let's just wait for more info to come out about it (which there definitely will be looking at the levels of interaction it's already receiving at this time of the day in Korea)
Posts by ItsActuallyMe
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but what is she has a legit reason to do it. like the sabotaging and mistreatement she talked about?
That's for a court to decide.
Let it be clear tho, there are suspicions that MHJ will try to get newjeans contract cancelled anyway at Ador's board metting on May 10.
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Wow. Interesting. May 10 will be a big day. How can contracts be terminated without a board agreeing? Isn’t that just a staple of business practice and wouldn’t the shareholders turn on Hybe immediately for letting that happen
As of now NewJeans contract termination would need board approval. The story is that in February MHJ tried to negotiate her shareholder contract wiyh Hybe in such a way that she alone could terminate it. Hybe rejected it so right now MHJ can't just do it by herself.
If true (which seems likely considering its part of official conversations between lawyers) then this really would help Hybe's case in proving MHJ's breach of trust to a court. It makes Hybe's story more plausible
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any relevant updates this past day?
you just came in at the right moment lol
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Min Hee-jin, CEO alone, demanded 'right to terminate New Genes contract'... Hive 'rejected'
(Seoul = Yonhap News) Reporter Lee Tae-soo = Amid the ongoing battle between Hive and Adore CEO Min Hee-jin, CEO Min demanded the "authorization to terminate New Jeans' exclusive contract" alone without going through the Adore board meeting this year .
According to related industries on the 2nd, CEO Min's law firm reportedly sent a revised contract between shareholders to Hive in February this year.
This comes after the two sides engaged in a tug-of-war at the end of last year with "30 times the multiple of putback options" and "applying putback options to the added 5% stake."
From the standpoint of a music agency, the exclusive contract right of the singer can be seen as a key asset necessary for the operation of the company. For this reason, usually major entertainment companies require exclusive contracts to go through the consent of the board of directors.
BTS (BTS) and Black Pink also announced the conclusion of the contract by saying, "We have completed the resolution of the board of directors to sign a contract for the exclusive contract" (BTS) or "We have completed the resolution of the board of directors on the case of signing a group exclusive contract."
However, if Min's request is accepted, NewJeans will be able to end the exclusive contract only with Min's will without going through the involvement of the board of directors or Hive. Under the current shareholder contract, it is reported that the artist's exclusive contract is approved by the board of directors just like other general entertainment companies.
Hive reportedly rejected the offer as unreasonable.
Currently, the board of directors of Adore is composed of three members, and Min is in control as three people, including Min himself, a close aide, Shin, and Kim, have voting rights.
However, under the current structure, Hive, which owns 80% of Adore's stake, can convene an extraordinary general shareholders' meeting to replace Adore's board members to prevent the singer's departure.
However, if CEO Min has the right to terminate his exclusive contract arbitrarily, Hive will have no way to prevent his singer (Newsins) from leaving.
In particular, since there is only NewJeans team for singers belonging to Adore, if NewJeans terminates the contract, there will be only staff left in the company.Hive is known to suspect that Min's request is in line with the transcript of "Adoer becomes an empty shell" released in the interim results of the audit on the 25th of last month.
According to the interim audit results at the time, Mr. A, a close aide of Mr. Min, said ▲ Put option exercise Exit on January 2, 2025 ▲ Door becomes an empty shell ▲ Financial investors are saved ▲ Encouraged to sell Door to Hive ▲ Sold at an affordable price ▲ CEO Min proposed measures such as acquiring shares of Door with money from the CEO of Door + Cash Out.
However, representative Min argues that such a plan is at the level of private talks.
"I'm not interested in stealing management control. I really don't know (about stealing management control)," Min said at a press conference on April 25.
민희진, 대표 단독 '뉴진스 계약 해지권' 요구…하이브 '거절'이사회 거치지 않고 계약 해지 가능하게 하는 주주 간 계약 수정안 하이브와 민희진 어도어 대표 간 공방이 이어지는 가운데 민 대표 측이 올해 어도어 이사회를 거치지 않고 대표이사 단독으로 '뉴진스의 전속계약을 해지할n.news.naver.com -
I also think Plot Twist is gonna end up at #1, I think ItsActuallyMe wanted to leave the door open for NJ because with everything that is hapenning there's the possibility that we see a massive comeback, but it's still complicated imo.
Yeah my comment was just based on the sentiment I'm sensing right now in Korea which made think 500k uls would be possible for them. However the public's attention is more fickle than ever so by the time NewJeans releases things could be different again.
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so we got ItsActuallyMe posting neutral relevant news
and oppar posting cherry picked negative drama always against hybe
where's your cherry picked articles against mhj?
smh
tbh there have been some extreme posts against mhj as well so at least there's some balance between them. The people posting these are more similar in their online persona than they would think lol
The acticles I post of course lack those nice insightful knetizen comments which might make them too boring for some. I know the hybe investor forum has some good ones so maybe I should start adding those lol (I won't)
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Ves a quick update for the timeline. The reappointment hasn't really be mentioned anywhere, but I think it is relevant to the overall context of the conflict as it kept them in a strong position. If this conflict was happening before the reappointment it would be a different story.
March 29 - Bang Si-Hyuk, Park Ji-won, and Scooter Braun reappointed as directors on Hybe's board.
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Normally they don't take questions at these earning calls but they might make same brief comments about the current situation. They probably will mostly focus on their plans, including those of Ador.
External Content twitter.comContent embedded from external sources will not be displayed without your consent.Through the activation of external content, you agree that personal data may be transferred to third party platforms. We have provided more information on this in our privacy policy.Full announcement:
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tbh if I look at what we have on the timeline right now it looks bad from either side. Hybe who starts the audit a week before NewJeans make their comeback would have known what kind of mess they would start. Considering it's said they already held suspicsions about MHJ in March they could have acted sooner. Though the date of the tip off is still unknown. I also believe they should have informed newjeans members/parents about the audit before the media.
From MHJ's side it's also kinda bad because she send complaints about Illit to Hybe's executives 10 days before NewJeans' comeback and set a deadline to receive an answer from them at April 24. It seems weird to me that you're that focused on something that can be a destraction leading up to NewJeans comeback just 2 days later. Though the reports that the parents were the ones to initiate the complaints can offer a defense of their actions, but in that case I also wonder why they're willing to be that focused on the issue at the time when the members were working towards the comeback.
Both sides just seemed blined by their own agenda that they didn't take a second to think about the consequences for the members, fans, and others.
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The uls gap between Plot Twist and Love Wins All isn't really decreasing. Some days even growing a bit. If it continues like this Plot Twist will reach 1 on the yearly Melon chart this month.
With the current circumstances I can only see newjeans remaining as a challenger for #1 spot on the year end Melon chart.
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If im not mistaken despite being told not to mention the girls while this is ongoing she still did on insta didnt she?
I don't follow her insta but from what I've read in articles she did make some posts to promote newjeans' comeabck. As of now she's still Ador's CEO so doing that shouldn't be a problem. Tho perhaps I missed something and she did mention the members specifically (after the day of the press conference)
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This article doesn't offer much news but as today is a quiet day it's better than nothing lol. It reiterates the competitive atmosphere within hybe.
I was worried that sparks would fly during the Hive incident... Internal atmosphere ‘reversal’ [linked rumor]
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This incident left Hive with several homework. First of all, it is an inspection of the ‘multi-label system’, whose pros and cons are clearly revealed. Min Hee-jin, CEO of Adore, claimed that there was discrimination and unfair treatment against New Jeans. Although Hive denied this, it is difficult to ignore the fact that the multi-label system has structural limitations that can cause excessive competition. Although they are a family gathered under one roof, industry insiders are well aware of the fact that they were placed in an excessively competitive environment despite their independence as a weapon, and that labels with relatively poor performance were suffering.
This time too, the release date of Zico's new song and the release date of New Genes' 'Bubble Gum' music video were only one day apart. This month, New Jeans and BTS RM also made a comeback on the same day, causing controversy.However, if you ask whether the multi-label system is a system that is completely unsuited to the entertainment business, that is not necessarily the case. Even in situations where the headquarters is in conflict, the fact that each label can move without problems is a strong advantage. This would not have been possible if the structure had relied on one person.
As a result, familyship and communication between each label are emphasized. In fact, while Hive emphasized a multi-label system, it was pointed out that Chairman Bang Si-hyuk was unable to completely escape from the imperial structure as he took charge of producing artists from Big Hit Music, Source Music, and Belif Lab. Representative Min also compared it to ‘military soccer.’ He argued that it was inevitable that top-down would occur....
Both sides are sharpening their edge. Hive, which lost more than 1 trillion won in market capitalization due to this conflict, decided to take the risk and fire CEO Min. When Representative Min rejected the request to convene the board of directors, he filed an application to the court for permission to convene an extraordinary general meeting of shareholders. Once the court's decision is made, the plan is to hold an extraordinary general meeting of shareholders to dismiss existing Adore executives and appoint new directors.
It is expected that they will do their best to ‘embrace New Jeans’. However, since the members and their parents have a strong bond with CEO Min, interest is focused on their future direction. For reasons of protecting artists, Hive asked CEO Min to refrain from mentioning New Genes. In addition, as off-field allegations of hoarding and pseudo-religion suspicions were being made against artists other than New Genes, legal action was announced, calling it "excessive slander."
Hive took advantage of CEO Min's appeal, which instantly overturned public opinion, and it is necessary to flexibly refine the system based on the fact that although entertainment has become the size of a large corporation, it has the special characteristic of being an emotional area that cannot run like a factory.
'불똥 튀면 어쩌나' 걱정했는데…하이브 내부 분위기 '반전' [연계소문]하이브(352820)가 내홍을 겪는 와중에도 차질 없이 '정상 영업'을 이어가고 있다. 예정대로 소속 아티스트들의 활동에 박차를 가하고 있고, 레이블마다 호성적을 내며 좋은 흐름을 보이고 있다. 특히 프로듀싱 영역에n.news.naver.com -
See this bit, they have not yet filed a court case on her for breach of trust though, right? Just a criminal complaint......there is still a possibility of an out of court settlement right?
"He continued, "CEO Min must faithfully participate in the investigation by the investigative authorities, which will begin soon, and wait for the court's judgment." He added, "The legal review that there is sufficient cause for breach of trust has already been completed, and many other illegal acts have been discovered, so action will be taken against them as well."
imo one way or another it will end with a settlement outside or in court. I think that's why both sides will not share everything they have yet, because they can still use other incriminating stuff to pressure the other side to start negotiations.
It's a pokergame with both sides at times bluffing, waiting to see what the other one's move will be
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'war of attrition' is one way to define the conflict lol. Does show that Hybe won't bulge and is willing to take the hits. MHJ is basically doing the same to the point that she even is willing to hold a board meeting and shareholder meeting to show she is in charge of the process.
Also think this is the first time Hybe has indicated that MHJ's Illit complaint was according to their findings part of the plan to seize management rights. Interesting as well that Hybe doesn't seem to like that the news about the shareholder agreement is overshadowing their accusations, even if it can be used in their favor.
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This article about today's shareholder agreement revelations included a new statement from hybe:
The contract between Hive and Min Hee-jin shareholders continues... This time, 100 billion → 2.8 billion?
Although the details of the contract between shareholders have not been disclosed in detail, the general view is that issues such as breach of trust in business as stated in the complaint against CEO Min or violation of confidentiality due to leaks through media articles, etc. may be problematic.
However, expectations are raised that exercising Hive's call option will not be easy as it must go through a fierce legal battle over whether CEO Min's actions constitute breach of trust or violation of confidentiality.
Hive said, “We will not respond individually to the war of attrition that seeks to reduce the illegal attempt to seize management rights to compensation-related disputes and retaliation frames,” and added, “We have already revealed that this matter was a meticulous plan by CEO Min to seize management rights from Adore. “The audit revealed that the internal whistleblowing that CEO Min claimed was also part of that,” he claimed.
He continued, "CEO Min must faithfully participate in the investigation by the investigative authorities, which will begin soon, and wait for the court's judgment." He added, "The legal review that there is sufficient cause for breach of trust has already been completed, and many other illegal acts have been discovered, so action will be taken against them as well."
He also urged, "Representative Min should stop his actions, such as using artists (such as New Genes) as a tool for public opinion, while abandoning his duty as a producer and increasing national fatigue."
Representative Min's side is said to be in the position, "We have not actually received the 100 billion won (reported in the media), and we are fighting because we think we may lose it." Aside from the contract issue between shareholders, Adore's board of directors and extraordinary shareholders' meeting to dismiss CEO Min are scheduled to be held within this month. This point is about a week earlier than Hive originally expected, and can be interpreted as a determination not to lose the initiative.
계속되는 하이브-민희진 주주간 계약…이번엔 1천억→28억 되나하이브서 배임·비밀 유지 위반 주장시 법정 공방 전망 하이브 "수사 당국 조사 성실 임하라"…민희진 "저는 버림당한 것" 하이브와 민희진 어도어 대표 사이의 분쟁이 잦아들 기미가 없는 가운데 풋옵션 계약에 이어 양자n.news.naver.com -
The same was probably true for the PPG collab, they've been wanting to rebrand and generate interest for more content for a couple years now (remember that abandoned live action with the terrible script?). Execs are probably ecstatic at the new attention the franchise is getting and as we've seen more and more brands are jumping in asking for collabs because of the marketing behind newjeans. She really worked lean in terms of overall marketing and leveraged their amazing aesthetic quickly and well. From the moment they debuted she was pushing merch that sold really well and that turned into many more merch collabs all of which have been very susuccessful.
There was actually an article that talked a bit about how the PPG collab came together. Somebody from Scooter's team at Hybe America is focused on getting more collabs with American tv/film IPs together for Hybe which includes PPG. I'll link the article below
Hybe America Ups James Shin To President Of Film And TelevisionHybe America has upped SB Projects' James Shin To serve as President of Film and TV for them, as well as subsidiary SB Projects.deadline.com -
Might be a bit boring but I looked a bit into the background of the head lawyers who represented Hybe and Ador today at the court meeting. They're more interesting than I would have thought
Hybe - Jinsoo Yeong
He's Hybe's chief Legal Officer. Came across an 2022 interview of him that revealed Park Ji-won personally asked him to join hybe. He similarly has a background in the game industry as vice-president of NcSoft which is Nexon's competitor, the company Park Ji-won used to be the CEO of. Also noteworthy that he was Hybe's candidate to become SM's CEO when they made the tender offer.
Ador - Lee Won
Used to be a chief judge at two different Seoul district courts. Has a lot of experience with commercial and civil litigation, mergers, acquisition, injunctions, and was elected as lawyer of the year in the litigation field in 2023.
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Hi,
Interesting if true...
https://www.kpopstarz.com/arti…jeans-draws-attention.htm
Amid the feud between Min Hee Jin, the CEO of ADOR, and HYBE, the investment the major company placed in ILLIT versus NewJeans was released.
Though a few days have passed, the internet is still buzzing about Min Hee Jin's press conference. During the conference, Min Hee Jin accused HYBE of several things, including copying NewJeans' formula of success for ILLIT's debut. Now, how much money HYBE invested in both groups has been compared.
On April 29, 2024, Korean media outlet Newsen reported on how much HYBE invested in both ILLIT (BELIFT Lab) and NewJeans (ADOR) for their debuts.
During the press conference, Min Hee Jin claimed HYBE neglected NewJeans. To counter this, HYBE revealed just how much they invested in NewJeans. They reportedly provided 16.1 billion KRW (approximately $11,664,390.43 USD) for Min Hee Jin to establish ADOR.
The money Min Hee Jin received went into the production of NewJeans' debut. This includes flying not only the members, but staff as well, overseas to film the music videos for "Hype Boy" and "Attention." Additionally, this money went into staffing fees, administrative costs, and more.
Amid the buzz, news channel broadcasters Kim Eo Jun and Park Si Dong revealed just how much ILLIT received for their debut.
According to the two, ILLIT received 150 billion KRW (approximately $108,675,975.00 USD). This means, in USD, ILLIT received $97,011,584.57 more than NewJeans. This money includes activities ILLIT embarked on before making their debut. After the final line-up was determined from the survival show "R U NEXT?" the members of ILLIT went on to film new content, such as reality shows, for fans.
Can any other sources corroborate this? That number for ILLIT is astronomical.
-knysom
I happen to have read the transcript of this radio show yesterday and it doesn't mention Illit once nor any budget for them. There are no korean articles about it either. It seems somebody on the international side creatively added that part to it.
Check the transcript for yourselves: https://humblefactory.co.kr/48…%AF%BC%ED%9D%AC%EC%A7%84/
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WDYM by delay the process? Was it cause of the NJNS comeback being affected so she wanted the meeting to be delayed? I think I read something along those lines on Naver but I may be wrong since I skim read.
Yesterday MHJ's team send the request to the court that she wanted today's hearing to be moved to a later date because she didn't have enough time to prepare for it.
It's just a weird contrast to have MHJ's team yesterday ask for more time, while today they announced the whole schedule for a board meeting + a later shareholder meeting.
