Previously on March 3, the Seoul Civil Court declared that SM Entertainment's attempt to issue new shares to Kakao without the approval of the company's largest shareholder, Lee Soo Man, was unlawful.
SM artists are becoming more concerned about their future as the dispute over operation rights between SM's current management and HYBE continues.
On February 17 KST, 'Dispatch' accused Lee Soo Man of embezzlement, manipulation, and unethical profiting.
On February 16, industry insiders shared that Lee Soo Man expressed his sadness over SM Entertainment's CEO, Lee Sung Soo's YouTube video statement.
SM Entertainment's current CEO Lee Sung Soo has made several radical claims against SM Entertainment's founder and former head producer, Lee Soo Man. Lee Sung Soo is also Lee Soo Man's nephew.
There has been much commotion in the Korean entertainment industry, with HYBE acquiring 14.8% of SM Entertainment.
It is probable that Min Hee Jin and Bang Si Hyuk will assume new director positions at SM.
On behalf of co-CEOs Lee Sung Soo and Tak Young Joon, SM Entertainment has issued a statement of response to earlier reports that HYBE has successfully acquired 14.8% of SM Entertainment's shares.
SM Entertainment, a leading K-pop label that produced many outstanding artists, is suffering from internal conflict due to a legal battle between the founder, Lee Soo Man, and current management.
SM Entertainment announced its business plan for 2023 on February 3 through their latest video, 'SM 3.0: IP Strategy - Multi 'Production Center/Label' System.'
Recently, an interesting post on a Korean online forum is garnering much attention.