With the current domestic turmoil SM Entertainmentthis Korea Entertainment Producers Association Issue a formal statement publicly criticizing current management conflict Between SM and the former chief producer Li Xiuman.
On February 15, Korean time, the Korean Entertainment Producers Association, which has about 440 record producer members, issued a statement saying, “We are gravely concerned about SM’s situation“
The association first stated, “SM is the representative organization of South Korea, and it is a veritable Hallyu iconic company, laying the foundation for Kpop Hallyu. He is a leader. He is a proud pioneer of Kpop and a legacy that preserves our record producer pride. ” They also stated that “Watching the latest SM scandal, record producers couldn’t hide their shock, anger and confusion.“
describe Alignment partnerson behalf of the minority shareholders of SM, as “Wolf with goat’s skin‘ they said, “They don’t care about culture or understanding of production systems and keep changing their language“
“SM’s current management unilaterally and arbitrarily used a fund company called Align Partners to expel producer Lee Soo-man, without even seeking the understanding or consultation of the largest shareholder and founder Lee Soo-man and his artists.“they said.”This is a hostile M&A initiated by Align Partners, current management and large corporations, so it is a market disruptor“
They emphasized that “This is an act of betrayal by SM’s current management“And That Guild”It cannot be condoned.”
The association concluded its statement by saying: “We hope that SM will return to normal in the near future, and we will closely monitor the development of SM.We warn the Korean Entertainment Producers Association not to stand idly by if the usurpation of management rights that destroys the industry ecosystem continues“