SEOUL (AFP) – Shares of the South Korean agency behind K-pop sensation BTS dropped nearly 10 per cent this week after the company announced a probe into its powerhouse subsidiary and demanded the resignation of a star producer.
The agency, HYBE, told AFP yesterday that it had launched an audit into its subsidiary label ADOR, which manages popular girl group NewJeans, a two-year-old K-pop phenomenon who have topped global charts.
The agency said it was investigating whether ADOR chief and famed superproducer Min Hee-jin was plotting to break away from the parent company, which holds a controlling 80 per cent stake.
HYBE has “launched an audit into ADOR and sent a letter to Min demanding her resignation”, a HYBE official told AFP.
As news of the feud emerged in the South Korean press on Monday, HYBE’s share price dropped 7.81 per cent, before falling another 1.18 per cent yesterday.
The company’s share price tumbled in 2022 when BTS announced they would go on “hiatus” – before they all began enlisting in South Korea’s mandatory military service.
Vocalist Jin is set to become the first member to complete the duty in June.
HYBE claims that Min, who has a track record of successfully nurturing K-pop bands and also masterminded the creation of NewJeans, was seeking to independently manage the girl group.
