The executive producer of SM Entertainment, one of the leading entertainment agencies, CEO Lee Soo Man is selling his stocks. This worries the fans and they are telling him to stop the action.
Recently, SM Entertainment led by CEO Lee Soo Man has been on sale on the M&A market. To be exact, it is the 18.73% shares (4.29 million shares) of CEO Lee Soo Man that has been put on sale. Except for CEO Lee Soo Man, the only shareholder of more than 5% (5.04% exactly) is the Korea Investment Management.
SM has not officially announced the selling price yet. However, big companies that dominates the entertainment industry such as Kakaotalk Entertainment, CJ ENM and HYBE also sent their calls for the stocks. This makes not only the stock price of SM but also their affiliates rose considerately.
In 1995, SM Entertainment was founded by CEO Lee Soo Man and the company was named after him. Starting with H.O.T and S.E.S to Aespa, which debuted in 2020, SM’s artists became the top artists within Korea and internationally.
With this growth, SM has mantained its position as being the top entertainment company in Korea. Trainees who dream to become and idol always claim that “I want to apply for this company” talking about SM Entertainment. SM gives trust to Kpop fans as being a reliable company.
And the most important factor contributes to the success of SM is CEO Lee Soo Man. He produced for the hit song “Next Level” of Aespa, the youngest group of SM and Aespa also expressed their gratitude towards him saying “He always cares for us.”
CEO Lee Soo Man, who is still having a really good sense in this entertainment industry, decided to sell his stocks. It is mainly due to the fact that he is getting older and he feels this is exactly the right time to do that.
CEO Lee Soo Man, who has been the executive producer for the company for nearly 30 years, is turning 70 years old. His sense is still good but his physical health seems to reach its limit. He also doubts the management ability of his family members. It can’t be denied that CEO Lee Soo Man has such a good sense, however, his son may not has the similar sense.
Of course selling his stocks doesn’t mean he is going to retire. He can still participate as a producer and can also give his comments to the producing process. More diverse collaborations with the candidate companies mentioned above are also highly expected. However, there is still a possibility that Lee Soo Man’s influence within the company will decrease if the management is transferred.
This is not the first time that rumours about Lee Soo Man’s selling stock broke out. However, this time the rumour seems to be more realistic as the specific name of the big companies are mentioned. As a result, fans who have always trusted SM Entertainment were shocked at the news.
Some fans expressed that they want the CEO to take responsibility for the company by using the hashtag “I’m sorry, Lee Soo Man. Please come back, Lee Soo Man.”. They said in regret “I cursed everyday but it’s bad that he is going to leave” and “What are we going to do with Kwang-ya now?”
Nothing has been made officially yet. Even after selling his stock, CEO Lee Soo Man still has the power to influence the company. However, a changing wind is blowing towards SM Entertainment.