Cube Entertainment‘s co-founder Hong Seung Sung has just announced on his personal Twitter that he will be leaving the agency he helped create.
In a letter posted to fans on his personal Twitter, he announced his departure from the company, and shared the reasons why he was leaving.
— hongseongsung (@hongcube) March 31, 2020
To the fans who love Cube,
I am writing to address everyone here, where I used to occasionally communicate with you.
I didn’t feel suspicious of them because I believed we were good partners who could help each other, but it didn’t take much time for me to realize that they had no intentions of working together with me.
I didn’t want the hard work that was put into Cube Entertainment to be in vain. Since I was more than happy while working, even during the long time I was sick, there is no way for me to express how disappointed I am in this.
It’s also so heartbreaking that our strong faith we had in each other, that we shared this whole time, changed in an instant. However, it will be up to the people who stay to make Cube shine even brighter in the future.
I will now be leaving Cube, which I put my life on the line for. I’ll greet you all again [in the future] through a different method.
Please continue to show your love and support for the Cube artists, and I hope everyone will stay happy.
Thank you.
— Hong Seung Sung
The partners that Hong Seung Sung that was referencing to were Cube Entertainment’s new co-CEO’s, Ahn Woo Hyung (CEO of KVLY) and Lee Dong Kwan (Vice President of VT GMP). Back in February, VT GMP acquired a 30.61% stake in Cube Entertainment for ₩29.1 billion KRW ($23,859,514 USD). With this move, VT GMP took over as the largest shareholder in Cube Entertainment.
Back when the move was initially made, Hong Seung Sung complimented the change, stating that they would be joining forces with an impressive partner and they will help make Cube shine even more.
안녕하십니까.
큐브 엔터테인먼트 홍승성입니다.
큐브가 더 힘찬 도약을 위해 훌륭한 파트너와 함께하게 되었습니다.서로에게 필요한 부분을 채워줌으로써 더욱
빛나는 큐브로 거듭날 수 있도록 노력하겠습니다.감사합니다.
— hongseongsung (@hongcube) February 21, 2020
Hello.
This is Cube Entertainment’s Hong Seung Sung.
Cube has teamed up with an impressive partner so we can continue to make more powerful leaps forward.
By filling in for each other’s needs, we will work together to strive for an even more brightly shining Cube.
— Hong Seung Sung
However, once the new co-CEO’s were announced, Hong Seung Sung changed courses, expressing his displeasure at the new CEO’s.
여러분 현재 큐브에서 일어나는 일들에 대해 얘기하려 합니다. 얼마 전 큐브의 1대 주주가 바뀌었습니다. 그런데 회사 아티스트들을 위해 서로 협력, 협조해야 하는 중요한 시기에 그들은 깡패집단도 하지 않을 법한 일들을 멋대로 일으키며 회사 내분을 주도하고 있습니다.
정말 참담한 심정입니다.— hongseongsung (@hongcube) March 26, 2020
Everyone, I would like to talk about what is happening at Cube right now. Recently, the majority shareholder in Cube change. However, in such a critical time period where we have to cooperate with each other for the sake of the artists, they (the new CEO’s) are generating conflict in the company by doing things even gangs or thugs wouldn’t do. I feel devestated.
— Hong Seung Sung
Cube Entertainment is currently home to Jo Kwon, Jang Hyunseung, BTOB, CLC, PENTAGON, (G)I-DLE, Lai Kuanlin, and Yoo Seonho.
