Lee Soo Man, the founder and former executive producer of SM Entertainment, sent a letter to SM’s management, staff, singers, and fans.
On March 3rd, the court backed Lee Soo Man, citing a request for a provisional injunction to ban the issuance of new shares and convertible bonds against Kakao. As a result, it is difficult for Kakao to secure a 9.05% stake in SM, and HYBE, who has become the largest shareholder in SM, seems to be winning the takeover battle.
On the afternoon of the same day, Lee Soo Man wrote a letter to express his feelings, saying, “Since I became a ballad singer with shaggy hair in the 1970s, I have lived my whole life in the eyes of the public. As a singer and MC, I received excessive love, and the singers I produced after I became a producer were also loved by the public. That’s why I feel sorry for many things that have happened around SM recently.”
The SM founder also recalled the past, adding, “The achievements of K-pop in the world, such as those from JYP, YG, and HYBE along with SM, are a miracle and blessing for Korea. My youth has passed as much as those years, from Hyun Jin Young to H.O.T, BoA, TVXQ, Super Junior, Girls’ Generation, SHINee, EXO, Red Velvet, NCT and aespa.
He continued, “The status of SM after Lee Soo Man has been a long-standing concern of mine. Entertainment is a world of creativity. I thought that SM should be given to the ‘best’ in the industry where it can further prosper, rather than being handed down to my children or relatives. Should there be a problem with SM’s governance structure, it should be improved, and if there is a need for a professional manager, they should be in charge. For me, ‘best’ means producing.”
Lee Soo Man also called HYBE as his “best choice”, explaining, “Also it was a rival of SM, the success of BTS is the pride of all of our people. HYBE’s Chairman Bang Si Hyuk is a music producer like me who has gone through a difficult period. He was a person who spent time in the practice room while eating snacks with aspiring singers, and a person who experienced the struggle of finding investors. He, like me, was crazy about music and set a record called BTS. I felt that he treated his artists with the same affection that I did.”
At the same time, Lee Soo Man also mentioned his next step, “After completing the first arc of my life as the leader of SM, I am now moving on to the second arc. My ‘next’ is a place where technology and culture meet”, the founder said.
Finally, Lee Soo Man addressed SM’s current management and artists, saying, “I never regret the days I spent with you. SM was a challenge, a happiness, and a blessing to me. I want to say this to the artists that were with me: I met you, who was full of dreams, and together, we made music through the ups and downs of life. You guys were my teachers, who dedicated everything to deliver focused performances on stage. I respect you, I am proud of you, and I am grateful towards you.”
Source: Daum
