On September 15, SM Entertainment released an official statement announcing that they are considering terminating their production contract with Lee Soo-man's Like Planning earlier than their expected date.
Like Planning is a separate company that Lee Soo-man made; and the company is in charge of SM Entertainment artists' overall production.
The agency continued, "Producer Lee emphasized that now is the appropriate time for his producer contract to be terminated, and in his absence, he asks that the company's board of directors draw up a plan for guaranteeing the future of SM Entertainment 50 years from now, with ambitious goals to raise the status of SM Entertainment to that of a global music and entertainment business."
Lastly, SM Entertainment emphasized, "It was only through Lee Soo-man, the very foundation of SM Entertainment, and his creative producing that this company was able to produce sales and profits it has up to date. Furthermore, through his constantly evolving vision, fusing new advancements in music with the most innovative technology of the time, producer Lee played a key role in maintaining SM Entertainment's position as the leading company in the area of entertainment."
The company shared that they will thoroughly evaluate Lee Soo-man's request to terminate his contract before coming to a final decision.
The agency is home to leading K-pop artists including BoA, TVXQ!, Super Junior, SHINee, EXO, Red Velvet, NCT, aespa, and more.
(Credit= SM Entertainment)
(SBS Star)