EXO’s Chen, Baekhyun, and Xiumin, collectively known as EXO-CBX, are set to hold a press conference today to address ongoing disputes with SM Entertainment. The announcement was made by their management agency, INB100, which stated that the press conference will take place at 4 p.m. KST. The event will feature p_Arc Group chairwoman Cha Ga Won, INB100 CEO Kim Dong Joon, and attorney Lee Jae Hak.
A representative from INB100 explained that last June, EXO-CBX and SM Entertainment had released a joint statement indicating that they had amicably resolved their legal disputes. These disputes involved the termination of exclusive contracts and a complaint filed with the Korea Fair Trade Commission (KFTC). At that time, both parties agreed that it was crucial for EXO to continue their activities without interruption, leading to a negotiated settlement. As part of this agreement, INB100 was established to manage the individual activities of the artists as well as their group activities under EXO-CBX.
However, INB100 has now accused SM Entertainment of disregarding the terms of the negotiated agreement. According to the agency, SM Entertainment is demanding 10 percent of the revenue generated from the artists’ individual activities, a demand that INB100 claims is unjust. Despite sending a certification of contents to address this issue, INB100 alleges that SM Entertainment has not responded for over two months.
The agency emphasized that the press conference aims to expose what they describe as SM Entertainment’s unfair practices. This development marks a significant escalation in the ongoing conflict between EXO-CBX and their former management company.
Last June, EXO-CBX had notified SM Entertainment of their intention to terminate their contracts, citing opaque financial settlements. They also filed a complaint with the KFTC. Following this, both parties reached an agreement that allowed EXO-CBX to continue their exclusive contracts with SM Entertainment while their individual activities would be managed independently by INB100. This resolution was intended to ensure that EXO’s group activities could proceed without disruption.
However, nearly a year after this agreement, EXO-CBX is now alleging that SM Entertainment’s demands are unreasonable, reigniting tensions between the two parties. The press conference is expected to shed more light on these allegations and provide further details on the nature of the dispute.
In May, INB100 was incorporated as a subsidiary of One Hundred, a company co-invested by Chairman Cha Ga-won and MC Mong. This move was part of a broader strategy to manage the individual activities of EXO-CBX members more effectively.
The upcoming press conference is likely to attract significant attention from fans and industry observers alike, as it could have far-reaching implications for the future of EXO-CBX and their relationship with SM Entertainment. The outcome of this dispute could also set a precedent for how similar conflicts are handled in the K-pop industry.
As the situation continues to unfold, all eyes will be on the press conference to see how EXO-CBX and their representatives address these serious allegations. The event promises to be a pivotal moment in the ongoing saga between the popular K-pop group and their former management company.
