The release of a recording file by ATTRAKT, the management agency of FIFTY FIFTY, is causing a significant uproar and raising questions about the future of the girl group.
According to Dong-a Ilbo, the recording file was presented by ATTRAKT as evidence of CEO Ahn Sung Il of The Givers attempting to poach the members of FIFTY FIFTY. The recorded conversation, which occurred on May 9th, involved ATTRAKT’s CEO Jeon Hong Jun and an executive from Warner Music Korea.
In the recording, the executive revealed, “We previously offered CEO Ahn a buyout of the group for 20 billion won ($15.3 million).” CEO Jeon expressed surprise, stating that he had no knowledge of this buyout proposal. When asked to clarify, the executive confirmed, “We are planning to take over all the members.”
A buyout typically involves one party paying a substantial amount of money to acquire the rights or ownership of another party.
According to a representative from ATTRAKT quoted in Dong-a Ilbo, “CEO Ahn Sung Il pursued the buyout of FIFTY FIFTY unilaterally, without the company’s approval.”
As news of the alleged buyout attempt spread, fans left various reactions such as “Wait, did the producer actually get financial support from the company’s CEO and then attempt to buy out the idol group on his own?”, “I feel so sorry for the CEO,” “It looks like he got stabbed in the back. I really hope they sort it out properly and find a fair resolution,” “At this point, it’s probably better for the CEO to just accept the offer and move on,” and “Thank God he recorded the whole conversation.”