News Is this the end of SM and LSM? (1 Viewer)

[Selfmate]

Dispute within SM Entertainment arises over the end of Lee Soo Man's production contract

The dispute within SM Entertainment arose over the end of Lee Soo Man's production contract.

According to insiders on February 6th, singer and actor Kim Min Jong who has been with SM Entertainment for 17 years rebuked the management's decision to end the production contract with Lee Soo Man.

Kim Min Jong claimed, "Unlike their previous words that they will make the best decision for the SM family, co-CEOs Lee Sung Soo and Tak Young Joon unilaterally issued such an announcement without any internal discussion."

Previously on February 3rd, the co-CEOs announced their plans to implement a multi-producing system including 5 production centers and multiple labels independently producing music, moving away from the current Lee Soo Man's producing system.

Kim Min Jong continued, "I don't understand why they made such a drastic decision over the national Seollal holidays and I believe there has to be an ulterior motive in proposing salary negotiations to all departments except for Lee Soo Man's office of secretary. I don't think this new plan will neither benefit the SM family nor shareholders in the long term."

It was reported Lee Soo Man is currently in a state of shock after the sudden announcement of the board cutting ties with him on the 3rd. He has been out of the office since the announcement and reportedly is considering voicing his opinion during the shareholders' meeting next month.

However, many employees are also supporting the board's decision. On the anonymous employee community 'Blind', many SM employees voiced that the company needs to implement drastic changes to improve market capitalization and operating profits.

SM Entertainment has yet to issue an official statement regarding this internal dispute.

Source: https://www.allkpop.com/article/202...r-the-end-of-lee-soo-mans-production-contract

SM, 이수만 퇴진에 내분…"일방적 발표 반대"vs"체질 개선 필요"

n.news.naver.com

 

[VillageIdiot]

This makes the Jessica Stan in me very pleased

 

[RandAlThor]

It is a very weird situation.

SM has for years contracted LSM thru a separate company to produce or do something. What exactly is unknown lol but its pricy ~ 5-10 million a year.
The share holder want that money they spend, because they believe its profits that could get them dividends. Maybe maybe not.
I do know for a fact that groups members have had LSM talk to them about how hard he worked on a song and as late as queendom for example he was on set.

So the money is being spent .none teh less and if they think they can get 5 production teams sites ect up and running with the layers of bureaucracy inherent in that for 5 to 10 million i would be stunned.

Then there is teh statements that internally wage reviews are going on.... fyi that is almost never good.

 

[RandAlThor]

@ pink blood


This is a continuation of the fall out from a thread i had last week.

SM has 5 different teams/labels ... yea this will work...... - K-Pop Source — Keeping the K-Pop Forum Spirit Alive

It could happen

kpopsource.com

Taggin @the101 since we were talking about it.

 

[Moguri]

Dispute within SM Entertainment arises over the end of Lee Soo Man's production contract

The dispute within SM Entertainment arose over the end of Lee Soo Man's production contract.

According to insiders on February 6th, singer and actor Kim Min Jong who has been with SM Entertainment for 17 years rebuked the management's decision to end the production contract with Lee Soo Man.

Kim Min Jong claimed, "Unlike their previous words that they will make the best decision for the SM family, co-CEOs Lee Sung Soo and Tak Young Joon unilaterally issued such an announcement without any internal discussion."

Previously on February 3rd, the co-CEOs announced their plans to implement a multi-producing system including 5 production centers and multiple labels independently producing music, moving away from the current Lee Soo Man's producing system.

Kim Min Jong continued, "I don't understand why they made such a drastic decision over the national Seollal holidays and I believe there has to be an ulterior motive in proposing salary negotiations to all departments except for Lee Soo Man's office of secretary. I don't think this new plan will neither benefit the SM family nor shareholders in the long term."

It was reported Lee Soo Man is currently in a state of shock after the sudden announcement of the board cutting ties with him on the 3rd. He has been out of the office since the announcement and reportedly is considering voicing his opinion during the shareholders' meeting next month.

However, many employees are also supporting the board's decision. On the anonymous employee community 'Blind', many SM employees voiced that the company needs to implement drastic changes to improve market capitalization and operating profits.

SM Entertainment has yet to issue an official statement regarding this internal dispute.

Source: https://www.allkpop.com/article/202...r-the-end-of-lee-soo-mans-production-contract

SM, 이수만 퇴진에 내분…"일방적 발표 반대"vs"체질 개선 필요"

n.news.naver.com

I wish you the best in this difficult situation

 

[Selfmate]

This makes the Jessica Stan in me very pleased

hey hey hey what does that mean my friend!!!

 

[Selfmate]

I wish you the best in this difficult situation

I'm Jisoo LSM I'm ok!!!
thank you for having me in your thoughts my friend

 

[VillageIdiot]

hey hey hey what does that mean my friend!!!

She got kicked out her group and SM stocks plummeted. He's being ousted and SM stocks are reaching all-time highs

 

[Selfmate]

She got kicked out her group and SM stocks plummeted. He's being ousted and SM stocks are reaching all-time highs

sarcasm my friend or did you forget that I yours truly is umm...LSM? lol

 

[VillageIdiot]

sarcasm my friend or did you forget that I yours truly is umm...LSM? lol

Unban my fave you wrinkle snaps

 

[Selfmate]

Unban my fave you wrinkle snaps

Jessica seems to be doing quite well for herself in China my friend
if she decided to learn Chinese she'd probably make a killing there!!!

 

[the101]

Oh the plot thickened still. Kakao and SM were announced as a joint partnership and LSM is suing to stop it. Very messy.

Just some background on the production company:

 

[RandAlThor]

Oh the plot thickened still. Kakao and SM were announced as a joint partnership and LSM is suing to stop it. Very messy.

Just some background on the production company:

Yea he see ms to really pissed they created new shares for kako. thus diluting all the owners %.

and kakko owns starship... we can see what girl group they will push.

 

[Ahsoka]

Honestly I don’t know much about the situation but I feel like “is this the end of SM” is a question that’s been asked over and over and over again. And so far the answer has always been no. So I don’t see this being the end either. Just my opinion.

 

[Moguri]

Yea he see ms to really pissed they created new shares for kako. thus diluting all the owners %.

and kakko owns starship... we can see what girl group they will push.

you misspelled kakao twice in 2 different ways, interesting

Also yay, IVE getting pushed

 

[Moguri]

Honestly I don’t know much about the situation but I feel like “is this the end of SM” is a question that’s been asked over and over and over again. And so far the answer has always been no. So I don’t see this being the end either. Just my opinion.

I'm not sure as I not made it, but to me it seems the thread title is meant as the end of SM and Lee Sooman working together, not the end of SM as a company

 

[RandAlThor]

you misspelled kakao twice in 2 different ways, interesting

Also yay, IVE getting pushed

its the thought tha counts with spelling..

 

[Ahsoka]

I'm not sure as I not made it, but to me it seems the thread title is meant as the end of SM and Lee Sooman working together, not the end of SM as a company

Oh, I didn’t read it that way. That would be more reasonable

 

[the101]

This is a nice summary of things.

 

[Moguri]

This is a nice summary of things.

its always hard to trust random twitter accounts, but the description and order of events at least seems logical..