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The agency released their official statement just minutes ago announcing their contract status. The brief and straightforward statement read, 

"Hello. This is SM Entertainment.

After discussing with Jessica, who has been an artist under SM Entertainment this past while, we have both decided to go our separate ways for the progress of each.

Please cheer on Jessica who will be starting a new beginning."

It's a short statement, but a lot to take in. What do you make of this sudden news?

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Jessica has also just released a statement, announcing her amicable departure from the agency.

"Hello, this is Jessica.

I'm here to let you know that after negotiating with SM Entertainment, we have ended our contract and have officially decided to go our separate ways. I cherish the times I have had with SM Entertainment, and I hope that there will be good fortune lying ahead for SM Entertainment.

And also, to all my cherished fans, I'm always thankful for your unchanging support and love. I will do my best to show you what you are anticipating from me, so I'll be grateful if you could watch over my new start."

Best of luck to Jessica!