“Good songs go to NewJeans first,” SM expresses his concern about HYBE

SM Entertainment, which is fighting for management rights with HYBE Labels, has drawn attention to itself with a letter of concern to the shareholders.

Recently, prior to SM’s AGM, a letter was sent to minority shareholders by the current board of SM Entertainment, who is fighting for management rights against HYBE Labels.

In this letter, the current management of SM argued that if HYBE takes over SM, good songs as well as other resources will be given to HYBE artists like BTS, TXT or NewJeans first. Overall, they fear that SM artists will have a lower priority.

We know that HYBE owns labels, among other subsidiaries, ADOR, the agency of NouveauJeans, and Source Music, the agency of LE SSERAFIM.

SM also claimed that “Good trainees, good songs, good choreographers and good performance plans will be awarded to these HYBE agencies in the future.”

“This incident is a significant event that will never happen again in the history of Korean entertainment,” stressed the letter from the current SM management, adding: “The future of SM will change significantly depending on the decision of the shareholders.”

Attention is focused on the decision that the minority shareholders, who hold 60% of the capital, will make at the general meeting of shareholders of SM, which will be held at the end of March.

Source: Naver