▲This photo, provided by SM Entertainment shows, Lee Soo-man (PHOTO NOT FOR SALE) (Yonhap) ▲This photo, provided by SM Entertainment shows, the logo of SM Entertainment (PHOTO NOT FOR SALE) (Yonhap) 

 

SEOUL September 16 (Yonhap) -- Executive producer of the SM Entertainment Lee Soo-man sent out an additional statement regarding the early termination of the producing contract in between Like Planning and SM Entertainment.

Within the additional statement sent out by the SM Entertainment, executive producer Lee Soo-man has been requesting early termination of the contract between Like Planning for years.

However, according to the statement SM Entertainment asked Like Planning to continue on with the contract until the artists of SM Entertainment become better known throughout the scene.

“Young upcoming producers will do great without any problems,” adding “As a executive producer, listening and following minor shareholder’s opinion of me to step down from my current position will be granted as well as early termination of the contract between Like Planning and SM Entertainment.” addressed executive producer Lee Soo-man, according to the SM Entertainment.

Like Planning signed a producing contracted with SM Entertainment and received certain percentage of SM Entertainment’s operational profit as a loyalty. Contract between the two companies lead to an accusation that SM Entertainment is intentionally providing work only to Like Planning.

Under the name of outsourcing SM Entertainment paid over 11.4 billion won to Lee Soo-man’s personal company, Like Planning. 11.4 billion won is about 29.6 percent of the total operational profit of SM Entertainment, 38.6 billion won, within the first half of 2022.

Align Partners Capital Management which owns 1.1 percent of the total share of SM Entertainment, pointed out the intentional work distribution between SM Entertainment and Like Planning which lead to infringement of the values shared between the share holders and the company for months.

“As for the announcement of executive producer Lee Soo-man’s intention to terminate the contract between Like Planning and SM Entertainment, after further discussion with the board of the agency, we are planning on releasing an additional statement.” announced, SM Entertainment.

SM Entertainment released a statement stating the agency is under the consideration of early termination of producing contract between Like Planning and SM Entertainment on September 15.

 

(This article is translated from Korean to English by Joonha Yoo) 

 

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