Jason Jaesang Lee officially becomes the new CEO of HYBE.
oneAccording to a new regulatory filing, he was officially appointed CEO at a shareholder meeting on Thursday (September 12), succeeding former CEO Jiwon Park. We first reported in July as part of the leadership changes.
However, the executive’s tenure at the helm of the South Korea-based entertainment company appears to have begun with public relations issues.
According to local media reports, after the shareholder meeting, Lee responded to K-Pop star NewJeans’ recent request to reinstate HYBE Min Xizhen As CEO of a sub-brand i like it As of September 25th.
in a rare move contempt NewJeans made the request during a surprise live broadcast on Wednesday night (September 11).
HYBE, own 80% ADOR’s chief executive fired Min in August, when the K-pop company accused Min of trying to seize control of ADOR.
After HYBE removed Min, it reorganized ADOR, separated the production and management functions, and made Min the chief producer. Min declined the offer.
“HYBE is a company that abides by rules and pursues precise management.”
Jason Jaesang Lee spoke after the shareholders meeting
According to translations from Korean media, HYBE’s new CEO, Jason is in Shang Li, After the shareholder meeting on Thursday, it said the company would respond “calmly” to NewJeans’ ultimatum.
“It will take some time, but we will abide by the rules and deal with it calmly,” he said.
He added: “HYBE is a company that abides by the rules and pursues precise management. Looking back, those who abide by the rules are the winners in the end.
Korean media are now rife with rumors that the K-pop giant may lose one of its most profitable girl groups, New Jeans.
In a surprise live broadcast on Wednesday night (September 11), NewJeans members Minji, Hanni, Danielle, Hailinand Huiren Give HYBE two weeks for Min to resume his position as CEO of ADOR.
“We hope that HYBE will make a wise choice and reinstate Min Hee-jin as CEO of ADOR before September 25,” Minji said. South Korea JoongAng Ilbo.
“The ADOR we want is one where Min Hee-jin serves as the CEO for both music production and company management. We made this request to peacefully coexist with HYBE.
According to “NewJeans”, NewJeans member Hyein added during a live broadcast on Wednesday korea times: “We found [ADORE] The CEO was fired on the day the news was released. It happened so suddenly that none of us could have imagined. To be honest, it was really hard for us.
“As artists under HYBE, the company’s unilateral notification convinced us that they did not respect us at all.”
However, the group members did not disclose what they plan to do if HYBE does not agree to their demands. Korean media pointed out that such ultimatums are often a prelude to Korean pop music groups going to court to cancel contracts.
“The two-week period has no special legal significance. But they may have proposed the two-week period as a practical time frame for handling legal matters, since companies typically take about a week to ten days to implement internal measures and draft formal legal documents. ,” entertainment lawyer Zheng Jingshu Tell korea times.
“This deadline can be interpreted as indicating that they are preparing a response to address potential non-compliance if their requirements are not met within the given time.”
If NewJeans leaves ADOR, the brand will lose an artist and a show that made an impact. 110.3 billion won ($83 million) of last year’s revenue, korea herald reported.
According to reports, the source of the conflict between HYBE and Min is Min’s views: youa new girl group from the HYBE label Billite Laboratoriesis imitating NewJeans, including its dance moves and fashion.
According to HYBE, Min’s dissatisfaction with this led to her alleged attempts to separate ADOR from HYBE’s multi-label system.
In the months since the dispute became public knowledge in April, several anonymous sources Youtube Various channels responded to Min’s claims, and some even accused ILLIT of plagiarism, including favorite liara song by the American pop rock band shipwreck.
“The company’s unilateral notification convinced us that they had no respect for us at all.”
Hui Yin, new jeans
At the end of August, HYBE filed a defamation lawsuit against seven of the channels and petitioned the U.S. federal court on Monday (September 9) to order YouTube owners Google Reveal the identities of those behind these pipelines.
NewJeans’ ultimatum clearly hurt HYBE’s stock price, Burundi Reports on Thursday (September 12) said the company’s shares fell as much as 6.2% Intraday trading.
HYBE stock price closes lower 3% Friday, at 164,000 won ($123.25) per share. However, the price has still increased 1.55% This week. Burundi Note that HYBE’s share price has fallen 27% Since April’s conflict with Min became public.
However, falling share prices have plagued the K-pop industry this year, JYP Entertainment down 55% year to date, and SM Entertainment almost dropped 38% Year-to-date, as of Friday’s close.global music business
