On April 22, the world of K-Pop saw HYBE requesting a shareholder meeting amid a power struggle with ADOR CEO Min Hee Jin. Speculation swirled that HYBE had pushed for Min Hee Jin's resignation. Furthermore, accusations emerged alleging that Min Hee Jin and deputy CEOs A and B had leaked sensitive information to various external parties, including foreign investment advisors, private equity firms, securities analysts, and consultants. These allegations suggested a covert effort to manipulate public opinion against HYBE artists and undermine the company's reputation.

However, choosing not to address the allegations directly, Min Hee Jin issued her first statement, pointing to one reason behind her conflict with HYBE - BELIFT LAB's new girl group, ILLIT - and how they allegedly plagiarised NewJeans' concept. Despite the turmoil, only two groups under HYBE seemed to remain unscathed — global phenomenon BTS (Bangtan Sonyeondan) and their equally talented younger brothers TXT (TOMORROW X TOGETHER).

Why are BTS and TXT fans, ARMY and MOA respectively, happy?

Netizens took to social media to express relief that amidst the drama, HYBE's K-Pop groups like BTS and TXT appeared to be untouchable. Some went as far as to commend Bang Si Hyuk — who is also entangled in the HYBE and ADOR controversy — for establishing BIGHIT MUSIC as an independently operated entity back in 2021, before the Ithaca merger.

BIGHIT MUSIC independent from HYBE?

For those unfamiliar, HYBE is a corporation that serves as an umbrella company for several subsidiary labels, including BIGHIT, BE: LIFT, ADOR, Pledis, and Source Music. Each of these labels operates independently under the HYBE umbrella.

There are just three musicians that BIGHIT represents: soloist Lee Hyun, TXT, and BTS. All of BIGHIT MUSIC's shares are owned by HYBE, the parent firm, making it a completely owned subsidiary. Therefore, it is not feasible for people to buy BIGHIT MUSIC shares directly from other investors or on the stock market. The only one with the power to assign BIGHIT MUSIC shares to third parties or to decide to create new shares is HYBE.

According to the company's structure, Bang Si Hyuk still owns 31.8% of the shares of HYBE, which is a sizable ownership position.

Read Also: nora fatehi slams paparazzi for zooming in on her body, says 'they've never seen a...'