HYBE has announced its position regarding the termination of New Jeans’ contract. HYBE stated, “Our subsidiary ADOR has received a notice from New Jeans to terminate the exclusive contract effective November 29, 2024,” on the 29th. Furthermore, “We plan to respond appropriately to the notice related to the termination and will announce it immediately once the decision on the termination is made.” Previously, New Jeans held an urgent press conference the afternoon before, stating they would terminate the exclusive contract with ADOR at midnight on the 29th. On the 13th, New Jeans sent a content-certified letter to their agency ADOR and CEO Kim Jooyoung, officially demanding corrections for the inadequate protection towards them, but none of the correction requests were practically made, clearly indicating their intention not to continue with ADOR in the future. During the press conference, the members said, “The deadline for our correction request ends at midnight tonight.
Even though business hours are over, neither HYBE nor the current ADOR shows any willingness to make improvements or address our demands,” adding, “We are terminating the contract because ADOR and HYBE breached it.” Moreover, “Once the contract is terminated, its effects become null, so there will be no obstacles to our activities henceforth.
We think there’s no need for us to pursue a lawsuit as we will continue to be active,” they expressed. Immediately after New Jeans’ press conference, ADOR released an official statement, expressing regret, stating, “It is regrettable to plan and proceed with the contract termination press conference without sufficient review before even receiving a response to the content-certified letter,” adding, “ADOR, the party of the exclusive contract, has not breached the contract, and claiming a unilateral breach of trust does not constitute a reason for termination.” Meanwhile, amid New Jeans’ declaration of ‘departure’ from HYBE, HYBE’s stock prices are on a declining trend, plummeting to 189,300 won at one point early in the session. Reporter Jang Juyoun jang3@edaily.co.kr
