SM "Considering Early Termination of Producing Contract with Like Planning"

Lee Soo-man / Photo by SM Entertainment

[Asia Economy Reporter Ji Yeon-jin] On the 15th, SM announced that it is considering the early termination of the producing contract with Like Planning, led by Chief Producer Lee Soo-man.

Regarding this, SM stated, "We have conducted multifaceted reviews and discussions about the producing contract with Chief Producer Lee Soo-man. The Chief Producer has conveyed to us his intention to terminate the producing contract early by the end of this year," adding, "We will have in-depth discussions with key stakeholders about the impact of the early termination of the producing contract on our business and will organize our stance on the future direction to announce later."

SM said, "Chief Producer Lee Soo-man has repeatedly emphasized that for South Korea to develop as a global cultural powerhouse and gain national competitiveness, Korea must become a 'nation of producers.' He has worked with the hope that his activities would lead the development of the entertainment industry, resulting in the emergence of many junior producers who gain recognition from the public, thereby realizing a virtuous cycle where the industry further develops."

They continued, "Our company also agreed with the Chief Producer’s producing capabilities and vision for the industry as a whole, entering into the producing contract through which we created global K-pop stars and, based on this, developed systematic cultural technology that established K-pop worldwide," and emphasized, "We will discuss the early termination of the producing contract with stakeholders to find the best direction and strive to continue growing as a leading company in K-pop culture and industry."

This content was produced with the assistance of AI translation services.