Former ADOR CEO Min Hee Jin and K-pop group NewJeans appear locked in escalating disputes with HYBE, drawing considerable attention.
On Friday, Min shared a fan-made artwork on her personal Instagram with the caption, “NewJeans Never Die.” The artwork, inspired by a collaboration between NewJeans and the popular Powerpuff Girls characters, stood out as Min continues to engage with fans despite her ongoing conflicts with HYBE.
Earlier this month, Min Hee Jin notified HYBE of her intention to exercise a put option, which, if granted, entitles her to receive 75% of her ADOR shares’ valuation. Based on recent financials, this could amount to approximately 25 billion KRW (around USD 18.7 million). The valuation is calculated at 13 times the average annual operating income over the last two years, encompassing ADOR’s 2022 loss of 4 billion KRW and 2023’s profit of 33.5 billion KRW.
However, a legal battle with HYBE may lie ahead. In July, HYBE moved to terminate the shareholder agreement that serves as the basis for Min’s put option, citing a breach of trust. Min maintains that the agreement remains valid.
Meanwhile, NewJeans recently issued a certified letter on November 13th under the real names of the five members, demanding that ADOR address their grievances. The letter warned that they would terminate their exclusive contract if these demands were unmet. In response, ADOR stated they are “working diligently to find an amicable solution that allows for continued collaboration with the artists.”
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