SM Entertainment Addresses Issue Of CEO Lee SooMan’s Like Entertainment
According to South Korean news agency Insight, SM Entertainment recently released an official statement about CEO Lee SooMan who was suspected of having transferred around $10 Million annually into his personal company ‘Like Entertainment‘ from SM company earnings.
SM Entertainment stated that the transfers were processed legally through official documents and reports, meaning nothing was done through illegal means. SM Entertainment further addressed the issue by saying that it has an exclusive production contract with Like Entertainment that is of “utmost importance” in developing new contents and competing within the K-Pop industry.
One of the many controversial things about the arrangement between SM and Like Entertainment was that a large portion of the earnings made by SM idols would be transferred over to Like Entertainment, Lee SooMan’s personal private company. The amount transferred was as mentioned above, significantly higher than what a conventional production contract would entail.
What is your opinion about the relationship between SM Entertainment and Lee SooMan’s Like Entertainment?