Cube Entertainment Co-Founder Expresses Concern About Agency After Change In Major Shareholder

Cube Entertainment co-founder and chairman Hong Seung Sung has spoken up following major changes at the company.

In February, it was reported that cosmetics and media commerce company VT GMP had acquired 30.61 percent of Cube Entertainment’s shares and become the largest shareholder in the company.

On March 26, outlet Kukmin Ilbo reported that Cube Entertainment’s CEO Shin Dae Nam resigned and the company has appointed Ahn Woo Hyung and Lee Dong Kwan as co-CEOs. Ahn Woo Hyung is the CEO of KVLY, a media platform provider owned by VT GMP, and Lee Dong Kwan is the vice president of VT GMP.

That evening, Hong Seung Sung posted on Twitter to share his concerns about the state of the company.

He wrote, “Everyone, I’m going to talk about what is currently happening at Cube. Recently, the majority shareholder in Cube changed. However, in a critical time when we have to cooperate with each other for the sake of the company’s artists, they are creating conflict within the company by doing things that even a gang of thugs wouldn’t do. I feel truly devastated.”

여러분 현재 큐브에서 일어나는 일들에 대해 얘기하려 합니다. 얼마 전 큐브의 1대 주주가 바뀌었습니다. 그런데 회사 아티스트들을 위해 서로 협력, 협조해야 하는 중요한 시기에 그들은 깡패집단도 하지 않을 법한 일들을 멋대로 일으키며 회사 내분을 주도하고 있습니다.
정말 참담한 심정입니다.

— hongseongsung (@S2Ent_hong) March 26, 2020

Cube Entertainment is home to artists including BTOB, Jo Kwon, CLC, PENTAGON, (G)I-DLE, Jang Hyun Seung, and more.

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