SEOUL, SOUTH KOREA - MARCH 7: NewJeans attends the archetypal tribunal proceeding for ADOR suit astatine Seoul Central District Court successful Seocho-gu connected March 7, 2025 successful Seoul, South Korea. (Photo by The Chosunilbo JNS/Imazins via Getty Images)
The Chosunilbo Jns | Imazins | Getty Images
South Korea's largest K-pop bureau Hybe added astir $644 cardinal successful marketplace worth Thursday aft a court reportedly ruled that miss radical NewJeans' declaration with its sublabel ADOR remains valid.
Hybe shares gained arsenic overmuch arsenic 7.12%, boosting its marketplace capitalization by astir 915 cardinal won ($644 million).
The tribunal ruling means that NewJeans are inactive contractually bound with ADOR until 2029, having signed their declaration successful April 2022.
Hybe and its sublabels negociate immoderate of K-pop's astir fashionable names, including BTS, Seventeen, and LE SSERAFIM.
The ruling is the latest improvement in a yearlong ineligible conflict that began erstwhile the five-member miss radical sought to terminate its contract with Hybe successful November 2024, citing declaration breaches by ADOR. The announcement wiped astir $420 cardinal from Hybe's marketplace cap astatine the time.
ADOR past filed a suit against the radical successful December, seeking confirmation of the validity of the exclusive contract.
The lawsuit stemmed from a struggle successful April 2024 erstwhile Hybe accused past ADOR CEO Min Hee-jin of attempting to instrumentality the sublabel independent.
Min denied the allegations and accused Hybe of copying NewJeans' conception for different miss set nether a antithetic Hybe subsidiary.
She resigned arsenic ADOR CEO successful August 2024, but remained arsenic a institution manager earlier resigning from that presumption connected Nov. 20 arsenic well.
NewJeans became 1 of K-pop's astir fashionable acts erstwhile it debuted successful 2022, winning galore home accolades and earning spots connected 10 Billboard charts, including the Billboard Hot 100, Billboard 200, and Billboard Global 200.
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