South Korea’s largest K-pop agency loses $423 million in value as girl group NewJeans set to part ways
2024-11-26 09:59:27 source：CNBC
November 26, 2024
South Korea’s largest K-pop agency Hybe lost over $423 million in market cap on Friday after rookie group NewJeans announced it was terminating its contract with Hybe sub-label ADOR.
The announcement, which follows a months-long management dispute between ADOR and Hybe, sent the company’s shares plunging as much as 6.97% on Friday.
The five-member girl group, formed in 2022, said in a press conference late Thursday that it was leaving the agency, claiming ADOR had breached its contract with the band.
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