Korean and international fans have been wondering for more than a month now: why did 4minute break up? A new report shines NEW light on the mystery of this decade
The report is summarized as follows:
- Cube is currently going through an internal power struggle between president of the company, Hong Seung Sung and the current CEO, Park Chung Min.
- Hong stepped down as CEO around 2012/2013 because of ALS but he still oversees many operations of the company
- Cube has been underperforming severely and their operating income last year ($8 billion won) was about half of the year before
- Hyunseung leaving B2ST, CLC flopping, and dumping money into Pentagon all made Cube lose money
- Major decisions are made as a group by the Board of Directors, which both Hong and Park are a part of,
- The board had made a decision to renew 4minute's contracts this year
- However, Hong singlehandedly delayed the renewals and pushed for the disbandment
- As a result of this decision, the power struggle came at a head, and shareholders were looking for someone to blame for 4minute's break up
- Park used 4minute's disbandment as a reason to reconstruct the company and fire many employees who were loyal to Hong, thus consolidating his power
- IHQ (the current major shareholder of Cube) tends to sit on the sidelines and has not interfered with this power feud and presumptively, 4minutegate
tldr; 4minute was apparently broken up by their president Hong Seung Sung against the wishes of his board of directors.
This is scandalous because Cube fans have always put @hongcube on a pedestal, viewing him as some type of father figure and saying that he puts his "kids" first always. And now he allegedly singlehandedly broke up his founding group.
Is @hongcube a bigger snake or is Taylor Swift? Discuss below
source: Naver / translated by ME