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On November 29, 2024, ADOR's girl group, NewJeans, terminated their group contract despite having three more years remaining in the agreement. The group held an emergency press conference in Gangnam, Seoul, on November 28, stating that HYBE and ADOR had allegedly failed to meet their demands.
Earlier, on November 14, the Attention girl group sent a certified letter signed by all five members, demanding the reinstatement of Min Hee-jin as ADOR's CEO by November 28, along with other ultimatums.
CNBC reported that as a result of the contract termination, HYBE reportedly lost around $423 million in market cap on Friday, November 29. HYBE's company shares dropped by 6.97%.
After the news of HYBE's alleged market cap loss surfaced online, fans of the girl group flocked to X and shared their responses. One fan wrote:
Trending
"that company deserved to dismantle"
Fans expressed that the company lost nearly half a billion due to the group's contract termination within a day.
"Oh dont do hybe like that queens," one fan wrote.
"Almost half a billion dollars…… Jinjja crazy……. dry them out!!!!" another fan said.
"I want to see them lose more bcs Taehyung and Jungkook leave. This is my wish, and what they deserve for everything they have done to sabotage and disrespect them," one other fan added.
Others said that NewJeans was "one of the biggest money makers" for HYBE, and their exit will be significant.
"On top the debt, they are already have, plus NJ was one of the biggest money makers in 2023," one fan stated.
"To all the hybe stans who cheered, look at this. wait until your bang pd overworks your favorite artists to make up for this $423 million loss," another fan said.
"Yeah don't you know how sweet it tastes," one other fan added.
NewJeans claims to retain their group name despite leaving ADOR
NewJeans stated that HYBE and ADOR were unwilling to "improve" the ongoing situation. They made it clear that they intend to proceed with their remaining scheduled activities. Additionally, they stressed that they would fight to keep their group name.
As per Korea JoongAng Daily, they said:
"We are not going to give up on our name, NewJeans, but we will still remain NewJeans at heart even if we can’t keep our name. Some people may think it is just a name or that we’re simply fighting for copyright, but it’s not that simple for us."
NewJeans continued:
"For us, it is the very body of everything that we did together, every memory we had, which is why we are going to fight until the end to secure our right to the name."
In response, ADOR stated that they hadn't violated the contract as claimed by NewJeans. The label stated:
"We regret that the press conference on the termination of the contract took place without sufficient consideration, and even before we gave our response to the demand letter. As a party to the exclusive contract, ADOR has not violated the terms, and a unilateral claim that trust has been broken does not constitute valid grounds for termination of a contract."
In other news, Min Hee-jin resigned from HYBE and ADOR on November 20, 2024.
