juhli (juhli) wrote in omonatheydidnt,

BTS reportedly seeking legal advice over profit discussion issue with Big Hit + company denies

On December 9, JTBC’s “Newsroom” reported that BTS is considering legal action against their agency, Big Hit Entertainment.

The “Newsroom” report states that BTS recently met with a top law firm to look into legal options against their agency about profit distribution. The law firm reportedly checked the details of the case and reviewed it to see if there were any conflicts of interest.

A lawyer quoted in the report said that checking for conflicts of interest is a standard practice among law firms to ensure that they are not representing both parties in the case.

The law firm in question said that they were not able to confirm JTBC’s report.

In 2019, Big Hit Entertainment recorded an estimated profit of over 200 billion won (about $167.9 million), their highest recorded since the company’s foundation. As BTS renewed their contract with Big Hit for another seven years, the company’s enterprise value is estimated to rise to over 1 trillion won (about $839.6 million).

However, JTBC’s report claimed that even before their contract renewal, BTS and Big Hit had disagreed about profit distribution, which eventually led to the consideration of legal options.

When asked for a statement by JTBC reporters, Big Hit Entertainment responded, “We have nothing to say except that it is not true.”

source: @soompi, soompi, jtbcnews, naver, josungkim, @jtbc_news

jtbcnews has since then deleted the report.
Tags: big hit entertainment, bts
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