HYBE Employees Reveal Details From Recent Internal Conference—Including Updates On SM Entertainment
Shortly after the announcement that HYBE became the biggest shareholder of SM Entertainment, the company confirmed that founder Lee Soo Man would not be returning. The news wasn’t well-received.
SM Entertainment’s employees took a survey where the majority of them voted against HYBE’s takeover. One of the company’s legendary producers even announced his plan to leave the company without Lee Soo Man in charge. While many are concerned, HYBE employees recently shared details about a conference that was held to discuss the situation and learned things might turn out differently than everyone thought.
Through the workplace reviewing app Blind, a HYBE employee revealed they attended the recent conference that was held regarding the HYBE and SM Entertainment situation. They learned that Lee Soo Man has cut all ties with SM Entertainment and that HYBE won’t be interfering with the company at all.
Broadcast-Entertainment Lounge 1 Hour Ago
HYBE – lFtt78
I went to the HYBE x SM-related conference today.
I was at the conference!
In short:
Lee Soo Man is not going to have any management rights. He’s not going to be earning any royalties. He’s not going to be producing anything. He’s basically taking all hands off and leaving.
And HYBE said they’re not interested in shaking things up for SM.
HYBE is already a multi-label. They’re going to guarantee autonomy for SM.
They acquired SM because they believed combining HYBE and SM would only be synergetic.
That’s about everything they mentioned today!
— HYBE employee
In the comments responding to the post, employees from both companies expressed relief that there wouldn’t be any crossover. One HYBE employee even pointed out that many of the people in charge were already busy managing all of HYBE’s artists from its sub-labels.
SM Entertainment – lill1ll1p: If we take those statements at face value, then it’s not going to be so bad.
HYBE – kkkikikli: What a relief.
HYBE – jljjii: Yeah. Si Hyuk, Seong Su, Hee Jin, and Sung Jin are all super busy already. They don’t have time to produce artists from labels. They’re going to respect SM Entertainment’s legacies and let them make their own music.
HYBE employees explained that CEO Park Ji Won held the conference to clear up speculations on the matter.
HYBE – KeOK12: The conference was really straightforward.
HYBE – 182hsj2: It was short. They explained everything in less than ten minutes, and it was done. They did emphasize that Lee Soo Man won’t be participating in business management at all. They also said he won’t be getting paid any royalties. HYBE isn’t going to be producing anything. They don’t have the resources to change things around for SM, not that they’re even interested in doing that.
HYBE – 182hsj2: HYBE CEO also mentioned that he held the conference in a bit of a rush because he realized how much nonsense and speculation had started circulating over the past few days. He wanted to clarify everything as soon as possible.
Because the announcements came so suddenly, HYBE and SM Entertainment will most likely release even more statements to address the matter as they smooth out the details.
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