SM Entertainment, which is in a fight for management rights with HYBE Labels, draws attention with a letter of concerns addressed to shareholders.
Recently, a letter from the current management board of SM Entertainment, which is in a fight for management rights against HYBE Labels, was sent to minority shareholders ahead of the SM shareholders’ meeting.
In this letter, the SM current management argued that if HYBE took over SM, good songs, alongside other resources, would be given to HYBE artists like BTS, TXT, or NewJeans first. Overall, they show worries that SM artists will be of lower priority.
It is known that HYBE Labels own ADOR, the agency of NewJeans, as well as Source Music, the agency of LE SSERAFIM, alongside other affiliates.
SM also claimed that “good trainees, good songs, good choreographers, and good performance plans will all be assigned to these HYBE agencies in the future”.
“This incident is an important event that will never happen again in the history of Korean entertainment,” the letter from SM’s current management stressed, adding, “The future of SM will change very much depending on the decision of shareholders.”
Attention is being focused on which decision the minority shareholders with a 60% stake will make at the SM shareholders’ meeting, which will be held at the end of March.
Source: Naver
