HYBE CEO, “We express regret to SM artists who have been troubled by recent events. We respect SM artists and will do our best for their future”
HYBE delivered a message to fans, artists, employees, and shareholders of SM Entertainment.
In an official press release on February 22nd, HYBE CEO Park Ji Won said, “I am pleased to share that today HYBE completed the acquisition of the stake held by Lee Soo Man and became the single largest shareholder in SM”. He also revealed details on the similarity between HYBE and SM’s corporate philosophy and the synergy they can create together in the future.
CEO Park explained, “HYBE’s vision to become a leading global entertainment lifestyle platform company is closely interconnected with the goal of SM 3.0”. He continued, “HYBE does respect SM’s legacy and creative values. We will share our business model and networking capacities with SM to help its distinct, creative work lead the world”, adding “HYBE will actively support SM artists’ endeavors in making a presence in the global music industry”.
Lastly, he emphasized, “I am aware of the concerns that fans, artists, employees, and shareholders of SM have, due to rumors and speculations around the company. HYBE fully respects the direction laid out in SM 3.0 growth strategy, as well as the value and vision SM’s employees and artists have created”, adding “I would like to express my regret to SM artists in particular, who may have been troubled by the turn of events. We respect SM artists and will do our best to create a brighter future for all artists under SM.”
Below is the full text of HYBE’s “Open letter to fans, artists, employees, and shareholders of SM Entertainment”.