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| ▲This photo provided by SM Entertainment and HYBE show Lee Soo-man and Bang Si-hyuk. (PHOTO NOT FOR SALE) (Yonhap) |
SEOUL February 10 (Yonhap) -- The founder of South Korean entertainment company SM Entertainment, Lee Soo-man and the chairman of HYBE Bang Si-hyuk has addressed “SM Entertainment has decided to work with HYBE in order become one step closer to become a game changer of the world music” after signing an agreement regarding the stock of SM Entertainment on Friday.
After the information on how HYBE will acquire 14.8 percent stake in its rival K-pop agency SM Entertainment, former executive producer of SM Entertainment Lee Soo-man and HYBE’s chairman Bang Si-hyuk announced “We have agreed to help each other to reach the ultimate goal of creating a global life style platform while increasing K-pop’s stance within global music industry.”
Although the former executive producer Lee Soo-man is 20 years older than chairman Ban Si-hyuk, they not only share the commonality factor of successfully developing a big entertainment company but also both of the figures graduated from Seoul National University.
“HYBE and SM Entertainment agreed upon their upcoming vision regarding the Metaverse, foundations on multi label, eco friendly vision campaign and more on companies various strategic direction,” adding “By incorporating HYBE’s power we will continue to broaden our influence and create a greater impact of K-pop within the global music market.” addressed HYBE and SM Entertainment.
Moreover, the statement addressed “SM Entertainment is a significant figure within the music industry in South Korea, it not only worked as a founding father of the music industry despite of its harsh condition due to constant change in trend,” adding “SM not only built and laid foundation on the current K-pop culture by exporting K-pop and K-culture to various nations so that foreign people will recognize the value of K-pop. Therefore he is considered a father of K-pop.”
Continuing on the statement addressed “Within the core of all the things SM Entertainment has managed to build and create, former executive producer Lee Soo-man exists,” adding “Therefore everyone who works within the boundary of K-pop can be said to have been influenced by him in some point or the other. He was the first one to have pioneered the land of K-pop therefore he is considered as the greatest legacy of those within the music industry.”
Former executive producer Lee Soo-man addressed his intention to actively participate in reinvention of the SM Entertainment. Moreover he took a side regarding selling his stocks to HYBE.
Moreover, both of the company addressed through jointed statement “SM Entertainment and HYBE will work effectively in fields of various businesses by helping out with one another” adding “By increasing the size of the current platform, we will provide global fans with various artist so that they can feel the happiness of K-pop.”
(This article is translated from Korean to English by Joonha Yoo)
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