Yesterday, JTBC’s news program “Newsroom” reported that boy group BTS was considering legal action against their agency, Big Hit Entertainment. The “Newsroom” stated that BTS recently had requested legal services regarding the profit distribution against their agency, Big Hit Entertainment.
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 the procedure BTS requested was just a standard practice among law firms to check for conflicts of interest of clients. 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 last year, the company’s enterprise value is estimated to rise to over 1 trillion won (about $839.6 million).
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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.”
And today, Big Hit Entertainment released an official statement(claiming that the report was false) regarding the claims made on JTBC’s “News Room” and expressed deep regret over JTBC’s conduct.