Hybe Co., Ltd.[5] (Korean: 하이브;haibeu), commonly known as simplyHybe, is a South Koreanmultinational entertainment company established in 2005 byBang Si-hyuk as Big Hit Entertainment Co., Ltd.
Big Hit Entertainment was founded on February 1, 2005,[6] and signed the vocal trio8Eight in 2007.[7] In 2010, the company signed a contract withJYP Entertainment to jointly manage the boy group2AM.[8] That year, Bang Si-hyuk signedRM as the first member ofBTS and launched nationwide auditions to recruit other members for the group.[9] BTS made their debut under Big Hit on June 13, 2013.[10]
In 2012, the company signedLim Jeong-hee,[11] and formed the girl groupGlam as a collaboration withSource Music.[12] The group was active until 2014, when it was disbanded due to legal actions against one of its members Kim Da-hee. Kim was sentenced to prison after being found guilty of blackmailing actorLee Byung-hun.[13][14][15]
Following the end of the joint contract between Big Hit and JYP in April 2014, three members of 2AM returned to JYP.Lee Chang-min remained with Big Hit to continue with his solo career and as part of the duoHomme.[8] 8Eight disbanded later that year, after Baek Chan and Joo Hee's contracts with Big Hit ended.[7]
In May 2015, Lim parted ways with the agency, following the expiration of her three-year contract,[11] andSignal Entertainment Group, aKOSDAQ-listed company specializing in artist management and television production, acquired stakes in Big Hit through aKR₩6 billionconvertible bond.[16] In early 2016, Big Hit ended their stake relationship with Signal and made a full settlement of the bonds.[17][18]
In February 2018, Homme disbanded after member Changmin's contract ended. He left the company to start his own agency, whileLee Hyun continued on as a solo artist.[19] In August, Big Hit andCJ ENM released information stating plans to create a joint entertainment agency, with ownership split 52% to the latter and 48% to the former.[20][21] Filed under the name Belift Lab, the agency debuted its first boy groupEnhypen in November 2020.[22] In October, BTS renewed and extended their contract with the agency for seven more years.[23] Big Hit was voted Best Investment Company of the Year at the 2018 Korea VC Awards in December.[24]
Big Hit debuted its second male group,Tomorrow X Together (TXT), in March 2019.[25] Also that month, formerCBO Lenzo Yoon was appointed co-CEO alongside Bang.[26] Yoon would focus on the business components of the company, while Bang's focus would be on creative production.[27] In July 2019, the company acquiredSource Music,[28] and in August, the video game firm Superb.[29] Thanks to theWeverse and Weverse Shop[c] apps developed by its subsidiary beNX, Big Hit was named the fourth most innovative company of 2020 worldwide byFast Company.[31]
In May 2020, Big Hit became the majority shareholder ofPledis Entertainment. The label would retain its independence; however, its artists would now receive greater financial support and global promotions.[32] TheFair Trade Commission (KFTC) approved the acquisition in October.[33] Big Hit acquired KOZ Entertainment, a record label founded by rapperZico, the following month.[34]
In January 2021, news media reported that Big Hit and beNX had invested a combined ₩70 billion (US$63 million) inYG Plus, acquiring a 17.9% stake in the company in a merchandising and distribution deal that would see YG Plus' artists join the Weverse social media and shop platforms.[35][36][37]Naver Corporation later invested ₩354.8 billion ($321 million) in beNX, acquiring 49% of the subsidiary. In return, it transferred itsV Live video streaming service to the latter for the development of a new integrated fan community platform. BeNX was eventually renamed Weverse Company.[38] The merger was approved by the KFTC in May.[39] On February 17, Big Hit andUniversal Music Group (UMG) announced a strategic partnership between the two companies to collaborate on various music and technology-related endeavors.[40] At the forefront of the partnership was a joint venture between Big Hit andGeffen Records, a UMG flagship label, that will debut a global boy group through a new,Los Angeles-based label following a global audition program set to air in 2022. Big Hit would be responsible for selecting and training the artists, while UMG would be in charge of music production, global distribution, and marketing.[41] Additionally, other UMG artists were set to join Weverse, already home toGracie Abrams,New Hope Club, and Alexander 23.[42] On February 25, Big Hit announced a ₩4 billion ($3.6 million) investment in a Korea-based AI company, Supertone, that specializes in creating hyper-realistic voices using technology.[43]
2021–present: Hybe, expansions, and investigations
Big Hit announced its rebranding into an entertainment lifestyle platform company under the name Hybe in March 2021.[44] The company underwent a complete organizational restructuring, which also saw the recording and management arm of Big Hit Entertainment spun off into an independent label namedBig Hit Music under Hybe's new Labels division. The renaming was approved at a shareholders meeting on March 30.[45][46] The company relocated to its new headquarters in the Yongsan Trade Center inYongsan District on March 22,[45][1] and the rebrand went into effect on March 31.[47] Hybe acquiredScooter Braun's Ithaca Holdings and all its properties, including SB Projects[d] andBig Machine Label Group, through its subsidiary Hybe America[e] in April.[48][49] The corporation invested $950 million (₩1.07 trillion) into the America branch to finance the buyout;[50] $1.05 billion was paid to Ithaca shareholders and bondholders.[51] BH Odyssey Merger Sub, a newly created subsidiary of Hybe America, facilitated the acquisition, and was later dissolved after the deal's finalization.[52][53] The Carlyle Group, a minority shareholder and original investor, sold its stake in Ithaca as part of the deal. Braun joined Hybe's board, whileScott Borchetta retained his position as CEO of Big Machine Label Group.[48][54] That same month,Time named Hybe one of the "100 Most Influential Companies of 2021", under the "Pioneers" section.[55]
Japanese streaming platformShowroom announced a business and capital partnership with Hybe in May 2021 to improve its domestic services and expand access to Japanese content in South Korea, the United States, and globally.[56][57] Hybe was added to theMSCI Korea index on May 12, and the index updated on May 28.[58] Following a second organizational restructuring, Bang resigned as CEO on July 1 to return his focus to music production. He was replaced by Jiwon Park but retained his position as chairman of the board of directors.[59][60] In November, Hybe entered into an equity-based partnership with Koreanfintech company Dunamu to develop a joint ventureNFT business for the creation of digital assets.[61][62] It acquired a 2.6% stake in the company for ₩500 billion ($423.8 million), while Dunamu received a 5.6% stake in Hybe for ₩700 billion ($590 million).[62][63] On November 11, Hybe won aRed Dot Design Award in the Brands & Communication Design category at the 2021 Red Dot Design Awards for its newcorporate identity (CI) design.[f][64] The establishment of a new music label, ADOR,[g] was announced on November 12.Chief brand officer (CBO)Min Hee-jin was appointed as its president and tasked with overseeing the management of the label's first girl group,[h] later announced asNewJeans, which debuted in July 2022.[66]
In January 2022, Hybe published a series of "original stories" featuring boy groups BTS, Enhypen, and Tomorrow X Together in collaboration withWebtoon andWattpad as part of a planned IP expansion.[67] The BTS comic alone earned over 15 million views within two days of release, becoming the fastest title in Webtoon's history to reach that milestone.[68] In March,Fast Company named Hybe the 11th most innovative company of the year globally on its annual top-50 list[69]—ranking first in the Media category[70]—whileTime included Hybe on its 100 Most Influential Companies list for a second consecutive year.[71] The company topped the "Leaders" category and was dubbed "The Pop Powerhouse" by the outlet for its acquisitions, expansion into the digital frontier, and transformative strides in the music industry during the pandemic era.[72][73] The following month, Hybe won aniF Product Design Award for "Company Branding" in the Communication category at theInternational Forum Design Awards held in Germany.[74] Hybe signed a multi-year deal withThe Walt Disney Company Asia Pacific in July 2022 to provide content showcasing the Korean music and entertainment industries to a global market. Five programs will be available worldwide onDisney+ and other Disney streaming platforms—a4K cinematic film of BTS'Permission to Dance on Stage concert in Los Angeles;In the Soop: Friendcation; andBTS Monuments: Beyond the Star, adocuseries of BTS' history from debut to present set to premiere in 2023. Additional content featuring other Hybe artists will also be released.[75][76]
Hybe became the largest shareholder ofSM Entertainment in February 2023, after it acquired founderLee Soo-man's 14.8% stake in the company for approximately ₩422.8 billion.[77] The company subsequently acquiredGalaxia SM's 1% stake on March 3.[78] On March 12, Hybe announced that they no longer planned to own the majority stakes of SM Entertainment, said that the bidding war withKakao could "damage shareholder value."[79] On March 24, Hybe announced that it will sell its entire stake in SM Entertainment to Kakao by accepting its tender offer launched by Kakao.[80] However, on March 28, Hybe instead sold half of its stakes in SM to Kakao, leaving it only for 8.81%.[81] On May 27, 2025, Hybe announced it would sell all of its shares in SM Entertainment toTencent Music.[82][83]
On May 23, 2023, Hybe signed a music distribution deal with Chinese streaming platform,Tencent Music.[84]
On August 10, 2023, Hybe announced its acquisition of the remaining 51.5% stake from CJ ENM in Belift Lab, making it as a wholly owned subsidiary.[85][86]
On August 27, 2024, Min was removed from her role as president of ADOR but remained on the company's board of directors and continued producing for NewJeans. Ju Young Kim, Hybe's Chief Human Resources Officer and a member of the board, assumed the position of ADOR's president. Min objected this decision, describing her as a "grave violation of the shareholders' agreement."[87]
In December 2024, it was revealed that the Financial Supervisory Service (FSS) was investigating whether Chairman Bang Si-hyuk had entered into secret shareholder agreements with STIC Investments, Estone Equity Partners, and New Main Equity without informing other shareholders or the financial regulator. These agreements allegedly allowed him to financially benefit misleading other shareholders into believing that Hybe would not pursue an IPO.[88] On May 28, 2025, the FSS referred Bang Si-hyuk to the prosecution after concluding that the investigation met the threshold for charges.[89] The following day, searched Hybe's headquarters connection with allegations of insider trading by a former employee who allegedly used confidential information to profit from acquiring shares in YG Plus, based on prior knowledge of Hybe's planned investment in the company in January 2021.[90]
On May 28, 2025, Hybe announced the sale of Big Machine Rock to Gebbia Media,[91] followed the next day by the announcement of establishing a Chinese subsidiary.[92][93][94]
On July 1, Hybe announced plans to expand its operations into India,[95] with the subsidiary establish on September 23.[96] In the same month, one of Hybe's largest shareholders,Netmarble considered issuing approximately ₩2,500 billion ($2.5 trillion) in exchangeable bonds (EB), using part of its stake in Hybe as collateral to secure liquidity for repaying loans incurred during its acquisition of the U.S. social casino game company SpinX. While a formal underwriting agreement had not yet been signed, NH Investment & Securities emerged as the likely arranger, and NH Hedge Asset Management was reportedly forming a project fund with institutional investors to support the deal. Netmarble has previously utilized its Hybe holdings for financing, including a 2024 price return swap involving 2.6% equity and a 2023 block trade of approximately 6% of its shares.[97] However, by August, Netmarble abandoned its plan, a decision attributed to the volatility and sharp decline in Hybe's stock price caused by an "owner risk" scandal involving Hybe's founder and Chairman Bang Si‑hyuk. The funding was intended to pay down debt from Netmarble's acquisition of SpinX (approximately ₩1.6 trillion in debt), which is now reduced to mid‑₩200 billion.[98]
On August 20, Mirae Asset Securities was preparing to sell the remaining portion of Hybe convertible bonds (CBs) worth approximately 1 trillion KRW, capitalizing on the recent surge in Hybe's stock price, which had risen to around 280,000 KRW—well above the CB conversion price of 218,000 KRW. The CBs, issued in October 2024 as zero-coupon, zero-interest bonds, were initially underwritten mainly by Mirae Asset, but some remained unsold due to concerns over the deal's structure and perceived favoritism. With Hybe's stock boosted by positive market sentiment, including anticipation of BTS's return and the easing of Chinese content restrictions, Mirae Asset sees a lucrative opportunity to offload the remaining CBs at a premium, maximizing returns through both underwriting fees and capital gains.[99] The same day, Hybe subsidiary ADOR appointed Lee Do-kyung as its new president. This leadership change follows the dismissal of former president Min Hee-jin in 2024 and a period of interim leadership under Kim Joo-young, who focused on stabilizing the company and restructuring operations. With that process complete, Hybe determined that Lee—who has been at Hybe since 2019 and has experience in strategic planning and IP projects—was the right person to lead ADOR into its next phase.[100]
Company value and investments
Big Hit Entertainment initially operated as a private company with Bang Si-hyuk as the largest shareholder of its stock.[101] In 2018, the Korean mobile gaming companyNetmarble acquired the second largest percentage of the company, paying a reported ₩201.4 billion ($191.8 million) for 25.71%.[102] In October 2018, private investment firmSTIC Investments received an undisclosed share of Big Hit for an investment of roughly ₩104 billion ($93 million).[103]
In 2007, Big Hit had four employees and was near bankruptcy, but Bang was able to keep the company afloat after the local success of8Eight'sWithout a Heart in 2009.[104] Over the years, its value rose in tandem with the increasing global popularity of its first boy group BTS.[105] In March 2018, Big Hit's earnings were publicized for the first time. The company reported revenue of ₩92.4 billion ($82 million) and operating profit of ₩32.5 billion ($29 million) for 2017.[106][107] Initial estimates valued Big Hit at up to ₩700 billion ($624 million) if entered into anIPO that very month, making CEO Bang the richest in the South Korean entertainment business due to his large shareholding position, and leaving him with personal ownership value of roughly ₩350 billion ($314 million).[108] By October 2018, the company was valued at more than ₩1 trillion.[107]
Big Hit's success has been attributed to its innovative management style, more like an IT company than an entertainment company, which has become the new standard in the K-pop industry; it includes a wide usage ofsocial media to capture people's interest and transform it into sales, the creation of artist-related multimedia content, and the full use offandom energy.[109][110] Financials published in March 2019 for 2018, showed a 132% increase in sales compared to 2017, with Big Hit making approximately ₩214.2 billion ($189.38 million). Operating profit rose 97% to ₩64.1 billion ($56.72 million), while net profit rose 105% to ₩50.2 billion ($44.41 million).[111] By June 2019, the company was valued between ₩1.28–2.22 trillion.[112] As of March 2020, its total value was roughly ₩6 trillion ($5 billion).[113] Big Hit commenced plans to go public on May 21, and applied for a pre-IPO consultation with theKorea Exchange. This is required under South Korean law before a company can file paperwork for an IPO.[114] One week later, the company filed for a preliminary review of their planned IPO.[115] On October 15, Big Hit was listed in theKOSPI index and began trading stocks.[116][117]
Per the company's 2020 annual report, its first since going public, Big Hit recorded net income of ₩86.2 billion ($77.6 million), a 19.1% increase compared to 2019's ₩72.4 billion.[118] Operating profit rose 44.3% to ₩142.4 billion, while sales increased 35.6% to ₩796.3 billion[118]—bolstered in part by album revenue and various acquisitions—with the company experiencing its best quarterly performance yet in the fourth quarter of 2020.[119] Though concert revenue decreased in the wake of theCOVID-19 pandemic, merchandise, content, and fan club-related revenue increased 53%, 71%, and 66%, respectively.[119][120] In 2021, following its rebranding as Hybe, the company became the first South Korean music agency to surpass the ₩1 trillion ($838 million) benchmark in annual sales. It recorded annual revenue of ₩1.2 trillion, operating profit of ₩190.3 billion, and net income of ₩141 billion ($118 million).[121][122]
Divisions and subsidiaries
Business divisions
Hybe consists of three pillars: Music, Platform, and tech-driven future growth initiatives. Under each division are wholly or partially owned subsidiaries of its parent corporation.[123][124]
Music
Logo of Hybe Labels
This is the entertainment and music production division. Prior to the rebranding, it was known as Big Hit Labels. Subsidiaries within the division operate independently of Hybe but receive support for creative activities.[45]
The "tech-driven future growth initiatives" division is made up of specialized business units for video content,IP, learning, and games. Secondary and tertiary businesses are created based on the creative output of each label.[123] In May 2021, Hybe Edu signed a business agreement with the International Korean Language Education Foundation (IKLEF) to develop Korean-language textbooks for distribution to overseas elementary and secondary schools through the Ministry of Education beginning in 2022. Various other online and offline content will also be created using BTS IP in response to an increasing demand for Korean-language education in foreign countries.[131] In July 2021, it was announced that Hybe Solutions subsidiaries Hybe 360 and Hybe IP had been merged into Hybe.[132] On June 22, 2022, Cake Corporation announced that Hybe Edu had been bought by them on June 1, but would continue to carry out the activities of the latter.[133] On July 1, 2025, Hybe IM was renamed to Drimage.[134]
This is the technology division. It manages the social networking and entertainment platformWeverse, which serves as a hub for connecting and expanding all of Hybe's contents and services.[123] In May 2021, Weverse Company invested in USstartup Fave, anF2F platform for fandoms, as part of its plans to strengthen business opportunities in that territory.[135]
Prior to the rebrand, the subsidiary was known as Big Hit America. Following the rebranding, Hybe bought over all ₩1.7 trillion ($1.5 billion) of Big Hit America's shares, making it a wholly owned subsidiary under the corporation, and it became Hybe America.[52] This was in preparation for Hybe's acquisition of Ithaca Holdings through Hybe America.[e] BH Odyssey Merger Sub was created as a subsidiary of Hybe America to facilitate its buyout of Ithaca. Once finalized, Ithaca would become a subsidiary of Hybe America, and BH Odyssey would be dissolved.[52][48] The merger is assumed to have been completed in the first quarter of 2021 per quarterly earning reports published on May 14.[136]
In July 2021, Yoon and Braun were appointed co-CEOs of Hybe America, and jointly managed US operations. Yoon was responsible for "the localization of Hybe's K-pop business model in the US" and "oversee[ing] the training, production and marketing process through which new talent is discovered" while Braun focused "on solidifying Hybe's presence in the US music industry" and "cementing [the company's] competitiveness in the stateside market." Chief Strategy Officer (CSO) Jaesang Lee, who led the Ithaca acquisition, was made Chief Operations Officer (COO).[137][60] Plans for the launch of a new global girl group in collaboration with Geffen were announced on November 4; auditions closed on November 28.[138][139] Braun became the sole CEO in January 2023,[140] subsequently leading the acquisition of the American entertainment company QC Media Holdings in February.[141] In July 2025, Braun transitioned out of his role as CEO of Hybe America. Isaac Lee, Chairman of Hybe Latin America, took Braun's place.[142]
Following Hybe's second leadership restructuring in July 2021, its Japanese subsidiaries, Hybe Solutions Japan and Hybe T&D Japan,[l] were integrated to form a regional headquarters, Hybe Japan. The Japanese branch operates as an independent entity under CEO and former Hybe Solutions Japan CEO Hyunrock Han.[143] It oversees music production, music publishing, music copyright management, artist management, and talent scouting and development,[144] as well as facilitates the entry of other Hybe artists into the Japanese market.[59] Hybe Labels Japan debuted its first boy group,&Team, in December 2022.[145] A collaboration withHiroomi Tosaka ofJ Soul Brothers, announced in 2021,[146] resulted in the creation of the girl groupMoonchild, which debuted in 2023;[147] Hybe Labels Japan co-produces the group withLDH Japan.[148] In 2025, Hybe Labels Japan rebranded as YX Labels.[149]
In November 2023, Hybe announced the creation of itsLatin music division,Hybe Latin America, with offices inMexico City,Los Angeles, andMiami. J.H. Kah, former vice president ofYG Entertainment, was appointed asCEO, after the company confirmed the acquisition of Exile Content.[152] In March 2024, Fernando Grediaga, previously an executive at EMI-Universal Music México, became general manager of Hybe Latin America.[153] The leadership team also includesIsaac Lee as chairman and Juan S. Arenas asCOO.[154]
In June 2024, Exile Music was rebranded as Zarpazo and relocated to Miami, while its podcast service was renamed Ajá Podcasts.[155] The establishment of new label Docemil Music was also announced.[156]
Hybe Latin America will operate the Docemil and Zarpazo brands, with the aim of combining Hybe's K-pop development model with local strategies to target markets in Mexico and theU.S. Hispanic community.[157] The division manages artists includingMorat andDaddy Yankee and operates a touring agency for acts such asQuevedo andCypress Hill.[154][158]
Its projects includeSantos Bravos, a reality show to form an all-male Latin pop group,[159] andPase a la Fama, a competition in partnership withTelemundo to select members of aRegional Mexican band.[160] Additionally, the division launched the HYBE Experience, an interactive exhibition in Mexico City.[161]
On September 23, 2025, HYBE established its Indian subsidiary,HYBE India Entertainment Pvt. Ltd., based inMumbai.[163][164] The company aims to develop local talent through auditions and training programs, connecting artists born in India to global audiences. HYBE described Mumbai as “a cultural and entertainment hub that encompasses theBollywood film industry, contemporary art, and diverse performing arts,” unveiling the slogan “where indian voices become global stories.” Through its activities inIndia, the subsidiary is also expected to contribute to the growingI-pop scene, a developing segment of the Indian music industry.[165]
On April 22, 2024, Hybe requested forMin Hee-jin, the then-CEO of their sub-label ADOR, to step down from her position following anaudit of the label amidst accusations of Min attempting to make Ador independent.[167][168] Min released a statement dismissing those claims and also accused Hybe of overlooking the similarities betweenNewJeans andIllit, a girl group that debuted in March 2024 under Hybe's sub-label Belift Lab. In her statement, she accused Hybe and Belift of refusing to acknowledge the claims ofIllit plagiarizingNewJeans' image from music to style, with the former's debut causing confusion amongst fans online.[169][170] The value of Hybe's shares fell by 8.03% following the news.[171] In response, Hybe submitted evidence to judicial authorities to refute the claims of plagiarism. A later court case dismissed the plagiarism claims.[172]
Hybe officially reported Min Hee-jin to the police for "breach of trust" on April 25 following evidence retrieved from the audit that she is attempting to gain management of the label. Hybe later released text messages between Min and ADOR's vice president listing a series of methods to take control of the label. Hybe has also stated that they plan to meet with the legal representatives of NewJeans' members to discuss providing them with psychological and emotional care to support them for a successful return in the future.[173][174][175] It was also announced that NewJeans, who are set to release a new single in May, will carry out activities as planned.[176]
On April 25, seven hours after the report was filed, Min held an emergency press conference to deny the accusations against her. During the conference, she shared text messages exchanged between her, Bang Si-hyuk, and Hybe's former CEO Jiwon Park, some of which included Bang mentioning groups outside of Hybe. She accused Hybe of fabricating her words and revealed that she had filed an internal report in the past because the company failed to address her concerns over their treatment of NewJeans and her as a producer, however, this was ignored by the management.[177][175][178] Issues regarding Hybe's leadership also came to light as Min accused Bang of trying to control all of Hybe's labels and removing their uniqueness. Min also stated that she's willing to talk to either Bang or Park but they never agreed.[177][175]
Hybe requested for Ador to organize a board meeting on April 30. If the board members refuse to attend, then a request would be filed in court to open a shareholders' meeting for the label. The company also refuted all of Min's claims, additionally stating that she should respond to the audit and promptly step down from her position.[175][179] Following a court case held on May 30, Min's injunction to stop Hybe from exercising their voting rights to dismiss her was accepted by the court. Meanwhile, the ruling noted that Min had sought to weaken Hybe's control over ADOR by attempting to remove NewJeans from Hybe's influence or by pressuring Hybe to sell its stake in ADOR, thereby enabling herself to take independent control of the label[180] In respect of the court's decision, Hybe did not exercise its voting rights.[181] If Hybe were to violate this and fire her, they would have to pay a compensation of₩20billion (US$17.48 million).[182][183]
In July 2024, Min filed police complaints against five Hybe executives on charges of defamation and business obstruction. The police ultimately dismissed the case.[184]
On November 20, 2024, Min resigned from all her positions (including the board internal director) at both Ador and Hybe.[185]
On January 9, 2025, Chairman Park Jung-kyu of the tech company Davolink alleged in an interview that Min had made efforts to "poach" NewJeans. He also mentioned that there had been previous discussions between him and Min regarding potential investment and the possibility of NewJeans leaving Ador to sign exclusive contracts with another company.[186]
In early 2025, Min Hee-jin continued to face scrutiny over allegations of workplace misconduct and breach of trust. In January, the Ministry of Employment and Labor dismissed initial complaints of workplace harassment against her.[187] However, in March, the Seoul Regional Employment and Labor Office issued an administrative fine against Min, determining that certain actions met the threshold for workplace harassment under South Korean labor law. Min appealed the decision.[188]
In June, new developments emerged during ongoing court proceedings between Hybe and Min. Evidence presented in court included claims that Min had a hand in crafting emails that were publicly released by the families of NJZ (formerly NewJeans), raising questions about her role in shaping public narratives.[189]
A major legal decision occurred on July 15, when the Seoul Yongsan Police Station cleared Min of all breach of trust allegations that had been filed by Hybe in April 2024. Authorities concluded there was insufficient evidence to pursue criminal charges.[190]
Following the decision, Hybe announced its intent to appeal, stating that it had uncovered new evidence and legal grounds to challenge the police's conclusion.[191][192]
Employee insider trading
In June 2024, South Korean prosecutors charged three employees of subsidiaries affiliated with Hybe with insider trading. The individuals were accused of selling company shares shortly before the public announcement on June 14, 2022, that members of the K-pop group BTS would be taking a hiatus. Prosecutors stated that the employees had access to non-public information about the announcement, which enabled them to sell their shares in advance and avoid financial losses estimated between US$24,000 and US$108,000,[193] which the three denied during their first hearing at trial.[194]
On July 22, 2025, the three individuals—who were no longer employed at Hybe at the time of sentencing—received suspended prison sentences ranging from six months to two years. In addition to the suspended terms, the court imposed financial penalties ranging from approximately₩51 million (US$44,582.37) to₩231 million (US$201,931.9).[195][196]
Separately, on May 29, prosecutors from the Seoul Southern District Prosecutors Office raided the headquarters of Hybe as part of an investigation into allegations of fraudulent trading. A former Hybe executive was accused of earning approximately₩240 million (US$209,799.38) in profits through insider trading by purchasing shares inYG Plus after obtaining non-public information about Hybe's planned investment in the company.[197][198] Hybe stated that it was fully cooperating with authorities and reiterated its commitment to legal compliance and transparency.[199]
Leaked audit documents
On October 24, 2024, Hybe came under public scrutiny during a National Assembly audit, when Representative Min Hyung-bae of the Democratic Party questioned Hybe's Chief Operating Officer, Taeho Kim, about the company's internal practices. During the session, Min disclosed the existence of an internal company document titled Weekly Music Industry Report—a collection reportedly totaling approximately 18,000 pages. The report allegedly contained derogatory remarks, unverified rumors, and harsh commentary about various K-pop idols. Portions of the document were later leaked online, prompting widespread criticism.
In response, on October 29, Hybe CEO Jason Jaesang Lee issued a public apology. He described the report as a compilation of external opinions and reactions related to K-pop trends, intended for internal analysis by a limited number of executives. Lee acknowledged that the content was "highly inappropriate and unacceptable" and expressed regret over the harm caused. He stated that Hybe was in the process of directly contacting affected agencies to offer apologies, and he also personally apologized to the company's artists who had been criticized in the leaked material.[200][201][202]
Tax investigation
On July 29, 2025, the National Tax Service (NTS) of South Korea conducted a search and seizure operation at Hybe's headquarters in Yongsan, Seoul. This action was part of a broader investigation by the NTS's 4th Investigation Bureau into alleged tax evasion and irregular financial activities involving 27 companies. Hybe was among the businesses suspected of engaging in unfair stock practices and underreporting tax liabilities.[203]
The probe specifically focused on Hybe's 2020 initial public offering (IPO) and transactions that preceded it. Authorities are investigating claims that Hybe and its executives, including founder and chairman Bang Si-hyuk, misled investors in 2019 by publicly stating that there were no plans for a stock market listing, while secretly preparing for an IPO. The company later proceeded with the listing, and Bang is alleged to have gained hundreds of billions of won in profits through a special purpose vehicle (SPV) that acquired shares on his behalf. Prosecutors believe Bang may have received as much as 30% of the proceeds from this SPV-linked transaction.[203]
This marked the first tax raid on Hybe since June 2022, when a routine audit by the Seoul Regional Tax Office led to the imposition of a "a multi-billion-won penalty."[204] The 2025 raid, however, signaled a significant escalation, as it followed two previous legal actions within the same month: one involving insider trading by HYBE executives and another centered on IPO-related fraud allegations relating to the founder, Bang Si-hyuk. Combined, these investigations reflect mounting legal and regulatory pressure on the entertainment conglomerate.[203]
On February 13, 2023, Hybe donated ₩500 million through Save the Children to support the recovery of victims from2023 Turkey–Syria earthquake.[218]
On April 2, 2025, Hybe donated ₩1 billion through theNational trust for Cultural Heritage to help repair and restore national heritage damaged bywildfires in the Ulsan, Gyeongbuk, and Gyeongnam regions.[219]
^abThough corporate filing documentation uses the name "Big Hit America" it is Hybe America being referenced. News outlets interchangeably use "Big Hit America" and "Hybe America" to refer to the company acquiring Ithaca for Hybe Corp, indicating that they are one and the same. This article hereinafter uses Hybe America only.
^revealed in March by then-CBO Min Hee-jin during the rebrand announcement[45]
^abJeong, Hee-yeon (March 22, 2021).빅히트 사옥 이전, 용산으로 [공식] [Big Hit office relocated to Yongsan [Official]].Sports Donga (in Korean).Archived from the original on March 28, 2021. RetrievedMarch 28, 2021.
^'방탄소년단' 만든 이 남자의 헉소리 나는 히트곡들 ['BTS', the man who made these hit songs].Kookmin Daily (in Korean). December 6, 2017.Archived from the original on July 21, 2018. RetrievedJune 22, 2020 – viaNaver.
^abYoon, Sung-yeol (February 21, 2014).[단독]에이트, 7년만에 잠정적 해체.."각자 음악 활동" [[Exclusive] 8Eight, temporarily disbanded after seven years.."their own music activities"].Star News (in Korean).Archived from the original on June 22, 2020. RetrievedJune 22, 2020 – viaNaver.
^세상의 총알을 막아내는 소년들 그룹 방탄소년단. [Group BTS, boys who block the world's bullets].Cuvism Magazine (in Korean). July 22, 2013. Archived from the original on June 6, 2015. RetrievedJune 22, 2020.
^Lee, Eun-jeong (January 15, 2015).이병헌 협박한 가수 소속된 걸그룹 글램 해체 [The girl group Glam, whose singer threatened Lee Byung-hun, was disbanded] (in Korean).Yonhap News.Archived from the original on February 25, 2015. RetrievedOctober 3, 2018.
^글램, 결국 3년 만에 해체...'이병헌 협박女' 다희-이지연 실형 선고 [Glam, finally disbanded after three years...'Lee Byung-hun blackmailed' Da-hee & Lee Ji-yeon sentenced to imprisonment].Sports Chosun (in Korean). January 15, 2015. Archived fromthe original on August 8, 2016. RetrievedJune 22, 2020.
^글램 다희, 모델 친구와 음담패설 영상 유포 협박 "세계적 스타라 거액 요구" 이병헌 공식입장은? [Glam's Da-hee threatens to spread video with model friend, "demands large sum of money from world star". What is Lee Byung-hun's official position?].Sports Chosun (in Korean). September 2, 2014. Archived fromthe original on August 8, 2016. RetrievedJune 22, 2020.
^Lee, Byung-Young (May 14, 2015).씨그널엔터테인먼트그룹 "빅히트엔터 CB 60억 인수" [Signal Entertainment Group "Big Hit Entertainment 6 billion CB acquisition"].Edaily (in Korean).Archived from the original on August 20, 2016. RetrievedFebruary 25, 2021.
^Jung, Kang-hoon (February 14, 2017).빅히트엔터, 영업이익 100억 돌파...VC '흐뭇' [Big Hit Entertainment, operating profit surpasses 10 billion...VC 'Happy'].The Bell News (in Korean).Archived from the original on June 22, 2020. RetrievedJune 22, 2020.
^Park, Sohyun (February 1, 2018).[공식입장] 이창민, 빅히트와 전속계약 만료 "1인 기획사 설립" [[Official Statement] Lee Changmin's contract with Bighit Entertainment expires, "will start his own agency"].Xports News (in Korean).Archived from the original on February 1, 2018. RetrievedJune 22, 2020 – viaNaver.
^Lee, Jung-ho (March 6, 2019).빅히트 '방탄 성장 주역' 윤석준 공동 대표이사 선임 [Big Hit 'Ballistic Growth Leader' Yoon Seok-jun appointed as co-CEO].Star News (in Korean).Archived from the original on March 6, 2019. RetrievedAugust 3, 2019 – viaNaver.
^Kim, Eun-ae (August 19, 2018).빅히트, 음악게임 회사 수퍼브 인수..방시혁 "긍정적 가치 가져다줄 것"[공식] [[Official] Bighit acquires music game company Superb..Bang Sihyuk "It will bring positive value"].Osen (in Korean).Archived from the original on June 22, 2020. RetrievedJune 22, 2020 – viaNaver.
^Kim, Seong (October 18, 2020).이제 진짜 한솥밥 식구...공정위, BTS·세븐틴 소속사 결합 승인 [Now we're really in the same pot. Fair Trade Commission approves BTS and Seventeen's agency combination].News1 (in Korean).Archived from the original on February 18, 2021. RetrievedFebruary 17, 2021 – viaNaver News.
^Jung, Min-ha (March 30, 2021).'하이브' 이름 바꾼 빅히트, 투자 전문가 박영호 사외이사 선임 [Big Hit, renamed 'Hybe', appoints investment expert Park Young-ho as outside director].The Chosun Ilbo (in Korean).Archived from the original on March 31, 2021. RetrievedMarch 31, 2021.
^SHOWROOMがBTSやSEVENTEENら所属HYBEと資本業務提携 [Showroom partners with BTS, Seventeen and other Hybe members in capital operations].Natalie (in Korean). May 10, 2021.Archived from the original on May 10, 2021. RetrievedMay 12, 2021.
^SHOWROOM、BTS（防弾少年団）ら所属するHYBEと資本業務を提携...今後に注目 [Showroom, BTS, and other affiliated Hybe partners in capital business...focus on the future].Kstyle (in Korean). May 10, 2021.Archived from the original on May 10, 2021. RetrievedMay 12, 2021.
^Ko, Seung-hee (April 22, 2022).하이브, 세계 3대 디자인상 2관왕 ...'iF 디자인 어워드 2022' 본상 [Hybe Wins Two of the World's Top Three Design Awards... "iF Design Awards 2022" Bonsang].Herald Economy.Archived from the original on April 22, 2022. RetrievedApril 25, 2022 – viaNaver.
^Kwon, Il-woon (November 10, 2018).스틱인베스트, BTS에 1040억 베팅.Paxnet News (in Korean).Archived from the original on August 3, 2019. RetrievedFebruary 17, 2021.
^Choi, Man-soo (March 27, 2018).양현석 넘은 박진영... BTS 대박에 방시혁 1위 [Park Jin-young over Yang Hyun-seok... Bang Si-hyuk is No. 1 thanks to BTS.].The Korea Economic Daily (in Korean).Archived from the original on July 29, 2019. RetrievedAugust 3, 2019.
^Kim, Yeon-joo (June 6, 2019).BTS 소속사 '빅히트엔터' 유니콘 됐다 [BTS' agency 'Big Hit Entertainment' became a unicorn].Maeil Business News (in Korean).Archived from the original on June 8, 2019. RetrievedFebruary 17, 2021.
^Hwang, Hye-jin (July 28, 2019).빅히트 측 "쏘스뮤직 인수 계약→자회사 편입, 독립성 유지"(공식) [(Official) Big Hit's "Source Music Acquisition Agreement → Incorporates Subsidiaries, Maintains Independence"].Newsen.Archived from the original on February 18, 2021. RetrievedFebruary 17, 2021 – viaNaver.
^Kyung, Ji-min (July 28, 2019).빅히트엔터테인먼트, 쏘스뮤직 인수..멀티 레이블 구조 강화 [공식입장] [Big Hit Entertainment, Source Music Acquisition.. Strengthens Multi-label Structure [Official Position]].Osen (in Korean).Archived from the original on February 18, 2021. RetrievedJuly 12, 2020 – viaNaver.
^Kim, Na-yul (May 25, 2020).빅히트, 플레디스 최대주주 지위 확보..뉴이스트·세븐틴으로 최고 라인업[공식] [[Official] Big Hit secures the position of the largest shareholder in Pledis.. Top lineup with Nu'est and Seventeen].The Korea Herald (in Korean).Archived from the original on February 18, 2021. RetrievedFebruary 17, 2021 – viaNaver.
^Kim, Yeon-ji (May 18, 2021).하이브 에듀, 해외 초·중등학교 공교육용 한국어 교재 개발 착수 [Hybe Edu launches development of Korean language textbooks for public education in overseas elementary and secondary schools].Daily Sports (in Korean).Archived from the original on May 18, 2021. RetrievedMay 18, 2021.
^합병등 종료보고서 [Merger, etc. Closing Report] (in Korean). Hybe Corporation. July 2, 2021.Archived from the original on September 4, 2021. RetrievedSeptember 4, 2021.
^Kyung, Ji-min (May 17, 2021).위버스컴퍼니, 미국 플랫폼 스타트업 FAVE에 투자 [공식] [Weverse Company Invests in US Platform Startup FAVE [Official]].Osen (in Korean).Archived from the original on May 18, 2021. RetrievedMay 18, 2021.
^LDH 5人組ガールズグループMOONCHILD5・3デビュー OMI(登坂広臣)プロデュース、HYBE LABELS JAPAN制作 [LDH's five-member girl group "MOONCHILD" debuts on May 3rd, produced by OMI (Hiroomi Tosaka) and Hybe Labels Japan].Oricon Music (in Japanese). February 27, 2023.Archived from the original on February 27, 2023. RetrievedJuly 13, 2023.
^Kim, Ji-ho (April 22, 2024)."하이브 비공개 문건 빼와"...민희진, 부정행위 포착 감사 ["Take Hybe's private documents"... Min Hee-jin audited to uncover misconduct].Dispatch (in Korean).Archived from the original on April 22, 2024. RetrievedApril 22, 2024.
^Kwon, O-eun (April 22, 2024).[특징주] 하이브, 뉴진스 만든 민희진 감사 착수 소식에 급락 [[Spotlight] Hybe plunges following news that NewJeans' creator, Min Hee-jin, is being audited].ChosunBiz (in Korean).The Chosun Ilbo.Archived from the original on April 22, 2024. RetrievedApril 22, 2024.
^Kim, Hyun-deok (April 25, 2024).하이브, 민희진 오늘 고발..."대화록 물증 입수했다" [공식] [Today Hybe accuses Min Hee-jin...'We have obtained evidence of conversation transcripts' [Official]].Sports Seoul (in Korean).Archived from the original on April 25, 2024. RetrievedApril 25, 2024 – viaNaver.
^Park, Se-yeon (April 25, 2024).민희진 대표, 뉴진스 언급하며 눈물 "혜인이 20분동안 엉엉 울어" [Min Hee-jin tears up at the mention of NewJeans 'Hye-in cried for 20 minutes'].Ilgan Sports (in Korean).Archived from the original on April 26, 2024. RetrievedApril 25, 2024 – viaNaver.
^Hyun, Jeong-min (April 25, 2024).하이브 "민희진 대표 기자회견, 답변할 가치 없어...정보자산 반납·신속히 감사에 응해달라" [Hybe 'Min Hee-jin's press conference is not worth answering... Return information assets - please respond to the audit as soon as possible'].Sports World (in Korean).Archived from the original on April 25, 2024. RetrievedApril 25, 2024 – viaNaver.
^Jang, Joo-yeon (May 30, 2024).[속보] 법원 "하이브, 민희진 의결권행사금지 가처분신청 인용..해임시 200억 배상 결정" [[Breaking] Court "Hybe granted preliminary injunction to prohibit Min Hee-jin from exercising voting rights and will pay 20 billion won in case of dismissal"].Ilgan Sports (in Korean).Archived from the original on May 30, 2024. RetrievedMay 30, 2024 – viaNaver.
^Ji, Dong-hyun (May 30, 2024).법원 "하이브, 민희진 해임안 의결권 행사 안돼" 가처분 인용...어도어 대표직 유지 [Court grants preliminary injunction against Hybe's vote to remove Min Hee-jin... Ador CEO to remain in charge].Sports World (in Korean).Archived from the original on May 30, 2024. RetrievedMay 30, 2024 – viaNaver.
^하이브, JTBC 손잡고 새 걸그룹 론칭 'R U Next' 30일 첫방[공식] [Hybe, JTBC join hands to launch a new girl group 'RU Next' First broadcast on the 30th [Official]].Star News (in Korean). June 1, 2023.Archived from the original on June 19, 2023. RetrievedJune 19, 2023.
^Ko, Seung-hee (February 13, 2023).하이브 5억원·SM 2억원·타이거JK까지...튀르키예 강진에 기부 [Hive 500 million won, SM 200 million won, Tiger JK... Donation to Turkiye Earthquake].Herald Economy (in Korean).Archived from the original on February 14, 2023. RetrievedFebruary 14, 2023 – viaNaver.
₩2.1 trillion (US$1.84 billion) (2024[2])
₩9.38 billion (US$8.2 million) (2024[2])
