BTOB’s contract renewal practically failed “Due to ‘trademark rights’, not ‘6 billion won down payment'”

The re-signing of the exclusive contract between boy group BTOB and Cube Entertainment (hereafter Cube) practically fell through

According to multiple sources on Nov 6th, BTOB members’ exclusive contract with Cube ended last week, and they decided not to renew the contract.

However, it is reported that the reason for the contract not being renewed is not related to the previously mentioned down payment issue.

On Nov 1st, there were reports that as BTOB was preparing for a second renewal of their contract with Cube, the members approached other management agencies and offered a group contract fee of 6 billion won. However, according to industry insiders, several management agencies made “proposals” of a high down payment, yet BTOB showed a strong determination to maintain the team, even negotiating the final down payment with Cube. Nevertheless, the negotiations broke down as Cube requested a share of a portion of the team’s total revenue in exchange for the use of the BTOB trademark.

Regarding this, Cube stated, “Discussions with the members regarding trademark rights began about 2 months ago. During this time, the members had been in contact with several management agencies for exclusive contracts and had not engaged in any negotiations regarding trademark rights with Cube. Only recently, as Cube received inquiries regarding trademark rights from several management agencies, we told the members to quickly resolve the matter.“

BTOB debuted in March 2012 with “Insane” and gained popularity with hit songs like “Beep Beep”, “It’s Okay”, “Pray (I’ll Be Your Man)”, “Missing You”, “Only One for Me” and “Beautiful Pain”. The members are widely recognized for their solid vocal and performance skills, making them a well-rounded, highly talented group.

Source: Daum