SEOUL, SOUTH KOREA: EXO members Baekhyun, Xiumin, and Chen intend to terminate their exclusive contracts with SM Entertainment. The multinational talent agency has since released a statement in reaction to receiving the legal letter on June 1 KST.
The statement from SM Entertainment claims that "outside forces" are allegedly approaching the artists that are a part of the agency, according to Allkpop. They asserted that these forces are liaising with the artists and making unreasonable demands. The agency also alleged these forces are distributing false information, making "irrational offers," encouraging their clients' artists to engage in unlawful activity, and utilizing those artists to "tap even more of our agency's artists."
How will SM Entertainment respond?
SM Entertainment stated, "We will not stand by idly and watch while forces with no interest in ensuring the future of our artists, or making sure of their fair legal rights, chase after their greed for money; we will pursue all possible legal action."
"If we do not act now, the tyrannical activities of these outside forces will significantly damage our artists' brand and image, and inflict negative influence on our artists' bright futures," SM ENtertainment concluded.
Why did EXO members terminate their contracts?
EXO members Baekhyun, Xiumin, and Chen submitted a request to end their exclusive contracts with SM Entertainment earlier on June 1, alleging that the company refused to give its artists clear, transparent records of their revenues and payments.
'Slave contracts'
The news that EXO members Baekhyun, Xiumin, and Chen are ending their contracts with SM Entertainment took K-Pop fans by surprise. One person wrote, "Good for them, SM has become kinda shady lately, especially with them wanting to issue 18 year long contracts."
Another wrote, "SM being shady AF. The guys don't deserve these unfair contract lengths and SM needs to pay them what they have earned." A third said, "I stan the SM family, but not the company. Slave contracts."
"This was supposed to be EXOs year. I don’t know what to feel. It looks like it is all over. The only K-pop I know is EXO and if they are not there anymore, it's the ending of K-pop for me," a dejected fan tweeted.
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