Courtesy of SM Entertainment
In a strategic move that underscores both ambition and continuity, Baekhyun, a prominent member of the acclaimed K-pop boy band EXO, revealed his intention to establish his own entertainment company. However, Baekhyun assured fans that this endeavor will in no way disrupt his steadfast dedication to both EXO and their current powerhouse agency, SM Entertainment.
This revelation comes in the wake of Baekhyun's recent resolution of an antitrust dispute over contract terms, which had also embroiled fellow EXO members Xiumin and Chen. Addressing speculations head-on, Baekhyun employed an Instagram livestream to demystify his intentions, particularly with regard to the rumors circulating around his loan and prospective business ventures.
"I am committed to forming my own company, and SM has embraced this vision with positivity. As I guide this new venture, my affiliation with SM and my involvement in EXO will remain unwavering," Baekhyun clarified during the livestream.
To fuel his entrepreneurial aspirations, Baekhyun disclosed a 13 billion won ($9.9 million) loan, defusing conjectures that he had set sights on taking the company public. "Creating a publicly listed company with borrowed funds is an unfeasible and legally untenable proposition," he asserted, dispelling assumptions about his financial strategy.
The acclaimed artist delved into his motivations for lodging an antitrust complaint against SM earlier this year, citing long-standing questions pertaining to financial settlements and exclusivity agreements. He affirmed that an amicable accord had been reached, emphasizing a newfound understanding of SM's position and a cooperative rapport marked by "amicable agreements and compromises."
Baekhyun's announcement arrives on the heels of the antitrust dispute resolution that involved himself, Xiumin, and Chen. The trio, after engaging with the Fair Trade Commission, decided to reaffirm their allegiance to both SM and EXO, culminating in the release of the group's seventh full-length album, "Exist," in July. The album's resounding success, marked by the sale of over 10 million copies on its inaugural day, exemplifies the enduring prowess of EXO within the K-pop landscape.
As Baekhyun sets his sights on charting a new professional course, his commitment to the EXO family and his concurrent affiliation with SM signal a harmonious convergence of innovation and loyalty within the dynamic K-pop ecosystem.
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