The stock price of SM Entertainment is soaring on the news that it is breaking up with 'Like Planning', the personal company of executive producer Lee Soo-man. The stock market regards this news as a good news and thinks that SM will break free from the shackles of undervalued stocks.
SM Entertainment said in a statement on the 16th, "There are various speculations regarding the early termination notice of producer Lee Soo-man, who was announced on the 15th, and we would like to add our current position."
The company continued, "We ask this producer, who has already requested the early termination of the contract for several years, to be with the group until the group is on a normal track, as the debut team and the teams that will debut in the future are in desperate need of thorough preparation. have done it," he said.
The company said, "However, as executive producer Lee Soo-man sees the end of the pandemic, the SM artist lineup for full-fledged concerts and activities in the global market is now fully ready. In the current situation where I am confident that the production system is well managed and that great junior producers will manage it without much difficulty, I said that it would be wise to humbly accept the opinion of minority shareholders to step down as a major shareholder.”
"We strongly express the opinion that this is the best time to end the contract, and we have been saying that before the end of this year, our management wants to make a new leap forward as a global entertainment company by setting a strategy looking forward to the next 50 years," he added. .
In addition, "We plan to announce our position at a later date after sufficient discussion with stakeholders, including future business directions, on the part that Executive Producer Sooman Lee expressed his intention to terminate the production contract early. As a company leading the K-Pop culture and industry We will do our best to continue to grow.”