The CEO of HYBE LABELS cleared up rumors regarding Lee Soo Man's involvement in managing SM Entertainment.
This was conveyed by the CEO of HYBE LABELS, Park Ji Won on February 14, 2023 through a brief discussion at the HYBE head office.
CEO Park mentioned that they, HYBE LABELS, will honor the legacy of SM Entertainment.
They also want SM Entertainment to continue to run independently going forward.
"SM is a company with its own values. HYBE will provide SM with the resources to grow, while maintaining the agency's distinctive values," explained CEO Park.
Regarding rumors of Lee Soo Man's participation in handling SM Entertainment under HYBE, CEO Park gave a rebuttal.
"Lee Soo Man from now on will not be involved in management matters or production matters," explained Park Ji Won.
He also added that HYBE LABELS had no intention of paying Lee Soo Man in the form of royalties.
Park Ji Won also emphasized that HYBE will continue to strive to support the multi-label system.
It was previously known that HYBE LABELS had purchased SM Entertainment shares from Lee Soo Man.
14.8% of SM Entertainment's shares are now owned by HYBE LABELS, which plans to add to that figure.
HYBE LABELS has prepared tens of trillions of Rupiah to control an additional 25% of SM Entertainment's shares from small shareholders.
40% is the target for SM Entertainment shares which are ready to be owned by HYBE LABELS on March 1, 2023.
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