2019
Bang Si-hyuk, the person who raised BTS. Through the global idol group BTS, Big Hit created an entertainment company that reaches another level beyond SM, YG, and JYP.
However, he had a painful memory; while he succeeded in creating boy groups, girl groups were a challenge. Or perhaps, if the nearly successful girl group 'Glam' hadn't threatened Lee Byung-hun... He might have been recognized as a producer who successfully nurtured girl groups as well.
At that time, Bang Si-hyuk, the CEO of Big Hit Entertainment, acquired Source Music, famous for 'GFriend,' for stock exchange listing and girl group launching (July 29, 2019).
And simultaneously, he recruited SM Entertainment director Min Hee-jin to Source Music. She was known for her contribution to the visual design and conceptualization of artists from Girls' Generation to f(x) at SM Entertainment.
During this period, with the recruitment of Min Hee-jin, Source Music actively pushed forward with the launch of a new girl group. Soon, Source Music began a global audition to select members to join New Jeans, starting with Minji (September 4, 2019).
2020
Amidst the COVID-19 pandemic, while the entertainment industry seemed to be contracting, Big Hit continued its momentum by acquiring Pledis, known for 'Seventeen,' and strengthening its determination for a fall listing (May 25, 2020).
BTS achieved their first Billboard Hot 100 chart-topping hit with the new song 'Dynamite' (August 21, 2020).
Finally, in October, Big Hit Entertainment led a surge nearing the stock market, becoming a mega entertainment company with a market capitalization of 11 trillion won (October 15, 2020).
2021
Big Hit ordered a company rebranding to Min Hee-jin and changed its name to HYBE, establishing itself as a global entertainment company with multi-labels (March 10, 2021).
And the tension between Min Hee-jin and Bang Si-hyuk began when Min Hee-jin stated, "I want to debut New Jeans through my solo label, not at Source Music."
Bang Si-hyuk invested 161 billion won, 100% of HYBE's capital, and established a wholly-owned subsidiary, ADOR, through a spin-off from Source Music. He promised Min Hee-jin a salary of 500 million won and stock options of 20%. Then, with trainees Minji, Hanni, Danielle, and Haerin, who were recruited through Source Music, he moved to ADOR (November 12, 2021).
2022
As a result, Source Music suffered from personnel losses and recruited Kim Chae-won and Sakura (March 14, 2022), and debuted LE SSERAFIM (May 2, 2022).
While ADOR partially compensated for the cost of training trainees, it is difficult to see that they fully compensated for the training period and loss of personnel.
ADOR debuted New Jeans with Hyein, achieving the highest first-week sales for a girl group (July 22, 2022).
2023
ADOR, which nurtured New Jeans, skyrocketed from sales of 186 billion won in 2022 to 1.103 trillion won in 2023, in just a year. In response, Bang Si-hyuk attempted to grant the promised 20% ownership in stock options, but Min Hee-jin demanded higher compensation, citing a 45% tax rate at the acquisition point.
Ultimately, leveraging the fact that it was a loss-making company as of 2022, he directly gave 18% low-priced stock ownership instead of stock options. Based on a Hana Securities report, valuing ADOR at 2 trillion won, she received compensation close to 400 billion won (end of '23).
2024
However, as of the end of 2023, tensions over compensation soon surfaced, and Min Hee-jin began collaborating with global heavyweights such as the Saudi sovereign wealth fund and the Singapore Investment Corporation to secure a favorable stake. From HYBE, which owns 80% of Audor, she sought to induce the sale of more than 30% of the stake, aiming for over 50% of management rights, along with friendly funds.
Regarding this, Min Hee-jin created a pressure card to induce the sale of HYBE. She is accused of leaking personal information about HYBE artists and conducting persuasion operations through pre-contact with New Jeans members' families.
In fact, legal guardians (parents) of New Jeans members relayed requests for clarification regarding HYBE's copying New Jeans, and while HYBE requested a meeting with an explanation, it was revealed that New Jeans members' parents refused, citing HYBE's untrustworthy attitudes.
And Bang Si-hyuk, who became frustrated, eventually accepted losses of 850 billion won in market capitalization and initiated an audit.
-The parents are also a problem.
-Oh... I get it now.
-Bang Si-hyuk trusted and supported everything, thinking of giving her extraordinary conditions for relocation (setting up a separate label), but ended up being betrayed...
-What's wrong with the parents of New Jeans... Wow, they seem to have been brainwashed by Min Heejin too.
-Wow, this is very nicely summarized.
-So Bang Si-hyuk trusted Min Heejin only to get betrayed in the end...
-I feel sorry for Source Music
-Human greed knows no bounds.
-Bang Si-hyuk really has no luck.
-Poor Bang Si-hyuk...
-Min Hee-jin crossed the line. Human greed is tremendous.
-Seriously, can it be any worse than this?
-It's not easy to earn 400 billion while working in someone else's company; they treated her well.
-Bang Si-hyuk got stabbed in the back
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