SM Entertainment has yet to respond to the open letter, though it has released a video on the merits of partnering with South Korean tech company Kakao
SM Entertainment CFO Jang Cheol-hyuk also claims that SM and its artists will be “deprioritised” under HYBE’s management, among other allegations, in a new video statement
In a bombshell video statement, SM CEO Chris Lee made several allegations against SM’s founder Lee Soo-man, claiming that he made demands of the label in a bid to consolidate his personal profit and control over artists
HYBE, which houses BTS, SEVENTEEN and more artists, is moving to become the largest shareholder in "Big Three" K-pop agency and industry rival SM Entertainment
It comes on the heels of HYBE America acquiring the US hip-hop label Quality Control, and Korean tech firm Kakao announcing its bid to become a major stakeholder in SM