24.8 C
Monday, March 27, 2023

LED truck protest enters HYBE-SM entertainment

LED truck protest enters HYBE-SM entertainment

Photo of LED trucks parked in front of HYBE headquarters in Yongsan, central Seoul [SCREEN CAPTURE]

Photo of LED trucks parked in front of HYBE headquarters in Yongsan, central Seoul [SCREEN CAPTURE]

Fans of SM Entertainment artists staged an LED truck protest in front of HYBE headquarters in Yongsan, central Seoul, on Tuesday against the agency’s takeover of the company.

On Tuesday, photos of trucks parked outside HYBE appeared on the Internet, with words such as “Our fans oppose HYBE monopoly” and other words.

One message parodied HYBE’s slogan “We Believe in Music,” cutting the word “music” and replacing it with “money.”

HYBE “should have asked the fans and the artist how they felt about everything, but no dialogue took place,” a fan involved in the protest told local media.

Since the day HYBE signed an agreement to buy shares of SM founder Lee Soo Man last month, fans and employees of SM Entertainment have been openly opposing HYBE’s acquisition of the K-pop agency.

HYBE is seeking to buy up to 40% of the company, which would give it effective control.

A total of 208 SM Entertainment employees — the company had 559 employees in September last year — united and issued a statement opposing HYBE’s purchase of the company’s shares.

“Former chief producer Lee Soo-man sold his stake to a competitor he had been belittling and fled after his illegal tax evasion was exposed,” the statement read. “We will protect K-pop’s cultural diversity and SM Entertainment’s unique identity. SM Entertainment’s culture cannot be dominated by HYBE’s capital.”

A general meeting of shareholders will be held on March 31 to appoint members of SM Entertainment’s board of directors.

Yoon So Yeon [yoon.soyeon@joongang.co.kr]

Source link

Related Articles

Entertaining: Bangladeshi students share their culture at fundraiser (3/26/23)

Freshman multimedia journalism major Elizabeth Hamby was the first to attend the event. She has done henna art on herself before, but it...

Government promises ‘meaningful and lasting improvements’ to music streaming

The government said it was committed to making "meaningful and lasting improvements" in response to a report on music streaming published by the...

‘Yellowjackets’: The Biggest Questions and Answers Following the Season 2 Premiere

Warning: Spoilers for Yellowjackets seasons 1-2. Do not read if you have not watched the season 2 premiere, "Friends, Romans, Countrymen," written by...

HYBE to sell stake in SM Entertainment for $435 million

The three giants of the South Korean music industry, HYBE, Kakao Corp and SM Entertainment, have been embroiled in a weeks-long corporate battle...

The Best Original TV Series Coming to Netflix in April 2023

They say April showers bring May flowers.If so, then Netflix is back again with original shows during the rainy season....

Latest Articles