ADOR Releases Official Statement Regarding Reports on CEO Min Hee-jin’s ‘Authority to Terminate Contracts of Affiliated Artists’
We would like to inform you of ADOR’s position regarding today’s news reports about ‘contract termination rights for affiliated artists.’
1.
On January 25, CEO Min Hee-jin demanded in a face-to-face meeting with CEO Park Ji-won that matters concerning the selection of external service providers and the signing of important contracts including exclusive contracts be placed under the authority of the CEO. This was a request to resolve the unreasonable interference that occurred during NewJeans’ debut process and to enable independent label operation.
2.
On February 16, a revised shareholders’ agreement containing the requests of CEO Min Hee-jin and ADOR was delivered to HYBE.
3.
HYBE recently disclosed KakaoTalk messages from the Vice President that HYBE ‘claims’ constitute management takeover. Those KakaoTalk messages are from April 4. Even according to HYBE’s claims, the timing does not match and it is an unrelated matter.
4.
This once again shows how HYBE is distorting the truth and editing it together to wage a public opinion war. And if they plan to continue disclosing the contents of the shareholders’ agreement ‘negotiations’ in this manner, we propose that they resume shareholders’ agreement negotiations.
Thank you.
From ADOR Team