Min Hee-jin's New Venture: Launching Entertainment Agency 'OOAK'
Former ADOR CEO Min Hee-jin has officially established a new entertainment agency, ‘OOAK,’ and completed its corporate registration on June 16th.
The company's business objectives encompass a wide range of entertainment industry activities, including artist management, music and album production and distribution, concert and event planning and production, brand management, and advertising agency services.
The office is located in the Sinsa-dong area of Gangnam-gu, Seoul, with a corporate capital of 30 million won.
This marks Min's return to the scene approximately one year after stepping down from her position as an inside director at ADOR, during which time she has maintained a relatively low public profile.
Min subtly announced the establishment of her new company by posting drawings related to ‘OOAK’ on her Instagram story.
This has been received as a signal of her comeback, eagerly awaited by fans and industry insiders alike. There is also growing interest in the office building, which is currently under construction.
It's a quiet but clear message.
Min is currently engaged in a 26 billion won lawsuit with HYBE over put option (stock purchase request rights) payments and the termination of shareholder agreements.
The legal battle revolves around the non-compete clause included in the contract.
Sejong, the law firm representing Min, argued, “Min Hee-jin lawfully terminated the shareholder agreement and is therefore not in violation of the non-compete obligation.”
Ultimately, the key issue narrows down to the effective date of the contract termination.
The first trial regarding the validity of the exclusive contracts of the NewJeans members is scheduled for June 30th.
Consequently, there is speculation within the industry that “Min Hee-jin is anticipating or preparing for NewJeans' victory.”
The timing of the new agency's establishment, coinciding with the upcoming trial date, lends credence to this interpretation.
A victory in the trial is expected to have significant repercussions for the industry.
Min has been in a management dispute with HYBE, ADOR's parent company, since April of last year.
She was removed from her position as CEO at the board meeting in August of the same year and completely left ADOR in November after stepping down from her position as an inside director.
Throughout this process, the group NewJeans has consistently demanded Min's return and is in an exclusive contract dispute with ADOR.
With the emergence of this new agency, the future affiliation, brand value, and direction of NewJeans' activities are expected to face another major turning point.
Key points to watch:
Will the NewJeans-ADOR trial on October 30th conclude with a ruling that the ‘exclusive contract is valid,’ or will it result in termination and payment of damages? → The outcome is expected to have a significant impact on entertainment industry contract practices.
When will Min Hee-jin's OOAK announce its first artist lineup, and what will the concept of that artist be?
Whether the producer-centered agency model will regain attention within the K-pop industry. Min Hee-jin's independent move as a planning producer could become a trend.
And how NewJeans' future activities will be determined in conjunction with the trial results. It remains to be seen whether activity restrictions will be lifted or whether a different form of activity strategy will be sought.
Source :https://blog.naver.com/plug_and_play_life
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