SM Entertainment has issued an official position regarding the exclusive contract of EXO-CBX and Baekhyun’s private company.
On August 9th, SM Entertainment announced its position regarding the exclusive contract of EXO Baekhyun, Xiumin, and Chen (hereinafter referred to as “CBX”).
In particular, SM told media outlet OSEN that their current exclusive contract with CBX has not been terminated, adding, “Baekhyun’s exclusive contract is set to expire in January next year. Baekhyun is preparing his solo album with the goal of releasing it within this year.”
Additionally, the company said, “The new exclusive contract has also taken effect. Part of the contract has been modified according to the mutual agreement with CBX, as previously reported.”
SM went on to explain the reason behind their agreement with CBX after the contract dispute, stating, “As previously announced, we agreed to protect all members and the EXO group, primarily for the fans. This was at a time when EXO was releasing a new album with all members present. If the dispute were to continue, it would practically be difficult for all EXO members to prepare for the album under normal circumstances. Due to the uncertainty surrounding EXO’s group activities in the future, we agreed on the agreement for the sake of the group’s activities.”
Furthermore, when responding to the question of whether CBX will only engage in individual activities after the expiration of their current exclusive contract, SM responded, “The new exclusive contract is in effect, and they will continue EXO’s group activities. Although we cannot disclose specific settlement terms, according to the agreement with the company, we have allowed the three CBX members to engage in personal activities.”
Finally, SM shared their stance on Baekhyun setting up a private company, saying, “The company has not been informed about this and only learned about it through media reports. However, we believe that the mutual agreement between the two parties will remain strong.”
On the other hand, in a recent live broadcast, Baekhyun shared his plans to establish and operate his own company with his close friend, dancer and choreographer Kasper.
He also emphasized that SM Entertainment agreed and allowed him to establish his private company.
Source: Daum
