Warner offered to buy Fifty Fifty: production company

Warner Music Korea did offer to buy girl group Fifty Fifty’s agency but did not leave out the agency's CEO in the process as claimed, the girl group's production company said Monday. Earlier on Monday, Fifty Fifty's ...

Girl group Fifty Fifty [NEWS1]

Warner Music Korea did offer to buy girl group Fifty Fifty’s agency but did not leave out the agency's CEO in the process as claimed, the girl group's production company said Monday.

Earlier on Monday, Fifty Fifty's agency Attrakt said that Warner Music Korea tried to buy the girl group and its agency via production company The Givers without properly informing Attrakt CEO Jeon Hong-jun. Attrakt has also been blaming The Givers for trying to "steal" the band's members away from the agency.

“Warner Music Korea wanted to talk to Attrakt CEO Jeon Hong-jun about a 'label deal,' which was passed along [to Attrakt] and the two parties were able to communicate with each other," The Givers said on Monday afternoon.

A label deal refers to a form of company acquisition in the music industry where smaller companies exist within a larger company while retaining most of its management and production structure.

HYBE, the largest K-pop agency in Korea, is best known for actively using this method. HYBE acquired and launched multiple agencies, from ADOR who debuted NewJeans to BigHit Music, home to BTS. Under HYBE’s umbrella, the company gave each label large levels of autonomy in artist management and production.

The Givers' argument refutes a claim made by Attrakt on Monday morning. The agency released a recording of a phone conversation between the agency and Warner Music Korea as evidence of Warner Music Korea offering The Givers 20 billion won ($15.2 million) to buy Fifty Fifty without properly informing Jeon.

“Jeon, who hoped to list Attrakt on the stock exchange, declined the offer from Warner Music Korea, and had offered an invest payment deal with Warner Music Korea.” The Givers said.

“Attrakt claims that [The Givers] had plotted a scheme behind its back [to sell Fifty Fifty], but this is far from the truth."

The Givers added that the company ended its producing contract with Attrakt on May 31 and has only been helping out with the girl group's overseas promotions after the date.

The Givers and Attrakt have been going back and forth since late June, when Jeon said that The Givers' CEO Ahn Sung-il has been trying to poach the four Fifty Fifty members after the quartet tasted success on global music charts within just months of its debut. An injunction on the members' exclusive contracts with Attrakt has been filed for by the Fifty Fifty members and is awaiting a verdict from the court.

BY CHO YONG-JUN [cho.yongjun1@joongang.co.kr]