Lee Soo Man won’t even be entitled to royalties.
HYBE not too long ago joined arms with SM Leisure‘s founder, Lee Soo Man, in his battle in opposition to his former firm. HYBE introduced plans to purchase up the shares that Lee Soo Man was planning to promote, successfully taking Lee Soo Man’s facet within the feud. This was an enormous blow to the present administration of SM Leisure and Kakao, who not too long ago purchased shares within the agency.
Because of the energy of each corporations, it was predicted by HYBE CEO Park Ji Gained that if the 2 labels merged, they might be on par with among the world’s largest music labels resembling Warner Music or Sony. Regardless of this, followers and workers of each corporations had been extremely involved about the way forward for HYBE and SM Leisure. In a company-addressed speech on February 13, 2022, Park Ji Gained reassured his workers.
He declared that SM Leisure’s distinctive colour can be preserved, even when the labels had been merged. Park Ji Gained said his respect for SM Leisure’s legacy and the fandoms’ dedication and love for SM Leisure’s distinctive essence. The essence of K-Pop in any case, is the fandom enterprise.
This lack of colour and legacy was additionally an enormous concern on the facet of SM Leisure workers as 85% had been said to have been apprehensive about this by the corporate’s nameless bulletin.
Park Ji Gained acknowledged this and addressed it, claiming that “they’d not too long ago learn an article that SM Leisure workers and executives are experiencing confusion and agitation,” however they “respect SM Leisure’s legacy and can make quicker and extra groundbreaking achievements by the acquisition by making good use of the legacy.”
They may maintain up a system that provides unbiased manufacturing rights to the corporate as a substitute of merging a number of labels below one wing. He additionally boasted that HYBE at present operates below this method, with every of the sub-labels, Pledis Leisure, ADOR, Supply Music, and BigHit Music, all sustaining their distinctive colour.
He additionally drew the road concerning Lee Soo Man’s future and involvement. There can be no participation in administration from Lee Soo Man sooner or later. Together with the acquisition of shares, they solved the governance problem involving Lee Soo Man’s manufacturing session firm, Like Planning, and its excessive advisory payment contract with SM Leisure. Lee Soo Man will not have royalties as properly.
With that, the employee-address concluded shortly. There was no additional assertion from HYBE as of the time of writing the article on February 14, 2022.