SEOUL (THE KOREA HERALD/ASIA NEWS NETWORK) - Big Hit Entertainment has denied a recent report that the agency and BTS have been in dispute over profit distribution and the renewal of a contract.

On Monday (Dec 9), broadcast station JTBC's News Room aired a report that said the band and its members' parents have been looking into taking legal action against the agency.

A few hours after the news was broadcast, the agency released a statement and said the report was groundless.

"BTS and the members' parents are currently not looking into taking any legal actions against the company," the statement read.

"The agency checked with the members and their parents. It was confirmed that the parents did consult with a law firm in the northern Seoul area two months ago regarding some parts of the exclusive contract (specifically related to video content rights). However, the consultation did not develop into an official legal commission, and the law firm did not offer an official legal advice," it added.

According to the JTBC report, BTS members and their parents have objected to the terms of the group's exclusive contract renewed in October.

The agency said it has suggested that the members and their parents consult with experts such as accountants and lawyers.

"As the amount of value BTS creates rises every day, it is natural for BTS as a team or as individuals to listen to outside experts' opinion," the statement read.

It went on to say that the legal consultation did not take place after BTS and the agency disagreed on the contract renewal, but instead happened before the discussion, to set "an exemplary contract renewal."

The agency has accused JTBC of making exaggerated claims without checking the facts. It also said JTBC violated the code of ethics by trespassing.

Meanwhile, a South Korean news outlet reported on Tuesday that BTS will release an album in February, though the agency said the exact schedule has yet to be confirmed.