Earlier this year, Min Hee-jin requested the right to terminate NewJeans’ exclusive contract on her own “HYBE rejected”

According to sources in related industries, on May 2nd, a shareholder agreement amendment containing this provision was sent to HYBE by CEO Min’s legal firm back in February of this year. This development follows a recent dispute between both parties over the “put-back option multiple of 30 times”and the “application of put-back option for additional 5% stake”at the end of last year.

The proposal was deemed unreasonable by HYBE and therefore, rejected.

Generally, exclusive contracts with major entertainment companies must be approved by the board.

If CEO Min’s request for the right to terminate the exclusive contract is accepted, HYBE would be unable to prevent the departure of its affiliated singer, NewJeans.

Currently, the board of ADOR comprises three members, namely CEO Min herself, her close associates Vice-CEO Shin and Director Kim. All three members have voting rights, giving CEO Min the majority control.

Nevertheless, in the existing framework, if such actions are identified, HYBE, which possesses 80% of ADOR’s stocks, has the ability to call for an exceptional general meeting and replace ADOR’s board in order to prevent the loss of its associated artists.