SM founder Lee Soo Man allegedly plots a return to the entertainment industry through a new agency in China
SM founder Lee Soo Man is rumored to be making a comeback to the entertainment industry through a new agency in China.
Ohn February, Lee Soo Man sold his 14.8% in SM Entertainment to HYBE Corporations. However, they also signed a “no competition” clause. Accordingly, Lee is not allowed to carry out business activities in the entertainment industry for a set amount of time. However, HYBE signed another agreement with Kakao and withdrew from the “battle” for management in SM Entertainment. In return, Lee Soo Man asked HYBE to waive the “no competition” clause but to no avail. HYBE responded by saying those activities did not pertain to their contract and they had no legal obligation to lift it.
After the prolonged internal conflict, according to a K-pop idol trainer on YouTube, Lee Soo Man is gearing up to return to business in the entertainment industry. He plans to do so by establishing a new agency in China. They said that the SM founder has always maintained close business connections in China. The information has not yet been confirmed.
Lee Soo Man was the founder of SM Entertainment. He was the one who brought the star system to the K-pop industry.