[theqoo] SUMMARY OF THE SITUATION THAT IS BECOMING KAKAO + SM BOARD OF DIRECTORS VS HYBE + LEE SOMAN

SM 3.0 was revealed by the new CEOs and they broke ties with Lee Sooman (Lee Sungsoo, Tak Youngjoon)

In fact, Lee Sooman doesn't have any official title within SM, he's just a massive shareholder

Unlike him, Bang Sihyuk and Park Jinyong have official titles and are receiving an annual salary of around 1 billion won (~791K USD) and have to take responsibilities over the company.

So Lee Sooman doesn't have to take responsibility over anything and went ahead to establish his own company called Like Planning and said he'd produce for idols here, he was able to earn tens of billions from that.

He also established that his contract will wrap up in 2092 with Like Planning (you read it right, not 2029 but 2092) and he'll be able to earn profit from the digital sales of 6% until that time.

He even built a goods company (SM store) and a performance company (Dream Maker, Kwangya Club) and set them up just like Like Planning to earn profts from them

In the end, Align Partners who couldn't deal with this anymore (a private equity firm who represents the opinions of the minority of shareholders) came out and tried to stop Lee Sooman.

They've been trying to shut down Like Planning but their requests have been ignored all the time

If they keep on dragging this, the board of directors will be reorganized at the general shareholders' meeting and new board members will be appointed.

The board of director's side said that "Ah f*ck we're screwed" and they started walking on eggshells

So they held back until the last minute and decided to partner with Align Parnters

They apologized to Korea and announced SM 3.0 planning

(read here)

Lee Sooman who saw that there might be no way out for him

Dragged Hybe into this

"Lee Sooman who rejected Hybe, will he lock hands with CJ?"... SM soaring

This was an article that was released 1 year and 5 months ago. At that pint it time, Lee Sooman didn't gain Hybe's favor

Hybe always showed interest towards Lee Sooman because of his shares, but Lee Sooman always refused them

However, Lee Sooman sensing that he really f*cked himself over, decided to drag Hybe into this by rushing to sell his shares

"Lee Sooman, links hands with Hybe... SM entertainment nearing its shareholder meeting "clouds of war"

According to the article, Hybe could acquire 20% shares by taking over Lee Sooman's shares (18%) and buying minority shareholders' shares as well.

If so, Hybe will have SM management rights.

+ There's a possibility they'd recruit Lee Sooman as a producer

And the board of directors who heard this news hastily

Decided to drag Kakao into this

You can tell that this was an emergency move because of the labels under Kakao

If ever Kakao becomes SM's biggest shareholder, they'll gain management rights

Currently, Kakao is the second largest shareholder with a 9% stake.

However, if Lee Sooman sells his shares to Kakao, then all this would be futile because Hybe will become the biggest shareholders

In addition, Lee Sooman also protested against Kakao and threatened to apply for an injunction for illegal acts.

In any case, SM's exclusivity route is gone, and it's a battle between Hybe and Kakao... Who will be the winner?

original post: here

1. Just some days ago, I saw a Blind item where they said employees were forced to call Lee Sooman "Teacher" I wonder if he'll keep doing that in the future

2. Isn't Kakao financed by Chinese capital? And Sooman has his Chinese dream;;; I hate both sides

3. I really hope my bias gets out from SM, SM i sgoing to flop. I hate to see that grandpa

4. Imagine SM becoming a label

5. If SM becomes Hybe, it'll be insane

6. This is so entertaining, I finally understand the situation

7. Sigh, you've had your time already and ate what you had to eat, this is just low seriously

8. Seriously how did SM end up like this,,,

9. That grandpa needs to cut it down tsk tsk he's already so rich

10. Oh gosh ㅋㅋ To think that all this became a thing because of Lee Sooman's greed

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