South Korea's largest K-pop agency loses $420 million in value as girl group NewJeans set to part ways

South Korea’s largest K-pop agency Hybe lost over $423 million in market cap after rookie group NewJeans terminated its contract with sub-label ADOR, leading to a 6.97% share plunge. The group cited breach of contract, mistreatment, workplace harassment, and lack of support from the company as reasons for their departure. Hybe has faced challenges with management disputes, legal notices, and declining profits, with NewJeans being a popular group winning accolades and chart entries before their contract termination.

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