208 SM Employees Release Collective Statement About Their Stance On The Company's Current Situation

SM Entertainment employees has spoken up about the company’s situation with former chief producer Lee Soo Man and HYBE.

On February 17, a collective of 208 employees released the following statement:

Once former chief producer Lee Soo Man was in danger of having his illegal tax evading actions unveiled, he sold his shares to a competitor company that he used to speak ill of and ran away.

Us members of SM have been completely used in former chief producer Lee Soo Man’s illegal acts including fraudulent actions for his personal interests and tax evasion. We cannot be used by HYBE’s illegality and expediency again even before we begin the SM 3.0 project.

Thus, us 208 regular employees of SM Entertainment are releasing the following statement as we cannot hold our anger about former chief producer Lee Soo Man and HYBE’s unlawful collusion.

1. We will protect K-pop’s cultural diversity and SM’s distinct identity. We declare that SM’s culture should not be subordinated to HYBE’s capital.

2. We actively support and stand by CEO Lee Sung Su and COO Tak Young Joon’s self-reflection and their plans for SM 3.0 multi-producing. We also demand stronger protection for our artists and fans so they are not harmed.

3. We oppose HYBE’s hostile M&A and their expedient attempt to enter our board of directors. We will resist HYBE’s attempt to take over SM in an abnormal manner.

“Lee Soo Man deserted SM and Pink Blood and ran away, but we will remain at Seoul Forest and protect SM and Pink Blood.”

Collective of 208 SM Entertainment regular employees

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