Co-Founder Hong Seung Sung Leaves Cube Entertainment Following Conflicts Due To New Majority Shareholder
Cube Entertainment co-founder and chairman Hong Seung Sung has announced his departure from the agency.
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. Last week, Cube Entertainment’s CEO Shin Dae Nam resigned and two new CEOs took his place: Ahn Woo Hyung (the CEO of KVLY, a media platform provider owned by VT GMP) and Lee Dong Kwan (the vice president of VT GMP).
Hong Seung Sung posted on Twitter following the change in CEOs to express his concerns about the actions of the new majority shareholder, describing them as “creating conflict within the company by doing things that even a gang of thugs wouldn’t do.”
On March 31, Hong Seung Sung shared a letter on Twitter in which he announced his plans to leave the company. The letter is as follows:
To the fans who love Cube,
I’m writing to address you in this space where I used to communicate with you sometimes.
I was not suspicious of them because I believed that we were good partners who could help each other, but it did not take a lot of time for them to make me realize that they had absolutely no intention of working together with me.
I just didn’t want the hard work we put in together at Cube to be in vain, and since I was happy beyond measure while working, even during my long illness, there’s no way for me to express in words how disappointed and despondent I am.
It’s also so heartbreaking that our strong faith in each other that we shared all that time changes in an instant, but it will be up to those who remain to make Cube shine brighter in the future.
I will now leave Cube, which I had put my life on the line for. I’ll stand in front of all of you again in a different way.
Please continue to show love and support for Cube’s artists, and I hope everyone will be happy.
— hongseongsung (@hongcube) March 31, 2020