HYBE former CEO Park Ji Won says court misinterpreted “Without Min Hee Jin, ADOR’s value is zero” remark in legal dispute

Park Ji Won, the former CEO of HYBE, has publicly challenged a February court ruling concerning a put-option dispute with Min Hee Jin, the former head of ADOR and current CEO of OOAK Records. 

In an interview published by Newsis on April 14, Park stated that the context of conversations at the time was not properly reflected in the ruling, arguing that it is inappropriate to draw conclusions based on selectively extracted remarks.

The court had cited Park’s past statement to Min, “Without you, ADOR’s value is zero,” as a key basis for determining that her presence represented the company’s essential value. Park rejected this interpretation, explaining that the remark was made during shareholder agreement negotiations as an attempt to calm a dissatisfied subsidiary executive. He emphasized that it is unrealistic to suggest a company would become an empty shell due to the departure of a single executive, particularly within HYBE’s system-driven management framework.

At the time of the dispute, both parties were negotiating the repurchase price of Min’s shares in ADOR. Under the agreement, HYBE was obligated to buy back her stake at 13 times the average operating profit of the previous two years, while Min reportedly demanded a multiple of 30. Park stated that such a valuation would effectively allow an individual to take nearly all of the company’s profits, making it unacceptable from a corporate standpoint.

Park also addressed a KakaoTalk message cited in the ruling, in which he wrote “Let’s just go with that,” clarifying that the comment reflected his belief that HYBE, as the largest shareholder, could simply decline to sell its stake. He added that he had not anticipated any attempt to pressure the company into a low-priced sale, including actions such as leveraging family members or publicly criticizing HYBE.

According to reports, Park later identified internal documents, including one referred to as “Project 1945,” through an internal investigation, stating that these materials suggested a premeditated public opinion campaign that may have included attacks on artists from other labels.

Park further dismissed allegations raised by Min regarding so-called album pushing practices, stating that the definition remains unclear and has shifted throughout the dispute to suit particular claims. He cited HYBE’s 2023 album sales figures, noting that out of 43.6 million albums sold, only 140,000 units, or 0.32 percent, were returned, which he described as a very low rate within the industry.

He concluded by expressing concern that the dispute could have broader implications for the K-pop industry, stating that the situation has made it more difficult for investors to guarantee high levels of autonomy and substantial compensation to producers, potentially leading to a contraction in the overall investment environment.