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Is Lee Soo Man entering the Chinese entertainment market
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Is Lee Soo Man entering the Chinese entertainment market
Former SM Entertainment executive producer, Lee Soo Man, has been embroiled in a disagreement with HYBE over the "Non-Compete clause" in his contract. This occurred after Lee Soo Man sold his shares in SM Entertainment to HYBE. The clause in question prevents Lee Soo Man from starting a similar competing business for a designated period. Despite Lee Soo Man's persistent requests to remove the clause, HYBE has refused to do so.To get more chinese entertainment news, you can visit shine news official website.
After selling his shares, HYBE unexpectedly signed an agreement with Kakao and withdrew from the battle for the management rights of SM Entertainment. HYBE even participated in Kakao's tender offer for SM Entertainment and profited from selling some of the shares obtained from Lee Soo Man.Lee Soo Man was reportedly upset by HYBE's "betrayal" and has requested the removal of the non-compete clause. However, HYBE argues that their withdrawal from acquiring SM Entertainment is not connected to the contract with Lee Soo Man and that they are not legally obligated to lift the clause.Now, there are rumors that Lee Soo Man has set up an agency in China to re-enter the entertainment industry. The YouTuber K-pop idol trainer shared that he has been in touch with insiders from the Chinese entertainment industry. According to these sources, there have been whispers suggesting that Lee Soo Man has established a new entertainment company in China.
The YouTuber reported that Lee Soo Man is believed to have launched a new company under a different name, with aspirations to succeed in the Chinese entertainment industry. He explained that Lee Soo Man maintains strong connections in China, and these sources have indicated that he has established a new company in the country.
Meanwhile, in February, Lee Soo Man sold his 14.8% stake in SM Entertainment to HYBE for 430 billion KRW (326.5 million USD) at 120,000 KRW (91 USD) per share. It is believed that Lee intends to re-enter the entertainment industry and holds HYBE accountable for not securing the management rights of SM Entertainment. Lee's decision to sell to HYBE was a response to Kakao's takeover attempt of SM Entertainment.