Amidst the internal dispute over the management of SM Entertainment, it was revealed that over 85% of the employees at the company are in support of the current management.
Currently, SM Entertainment's co-CEOs, Lee Sung Soo and Tak Young Jun are at odds with the company founder, Lee Soo Man. The co-CEOs, Lee Sung Soo and Tak Young Jun have sided with Kakao and Align Partners, while Lee Soo Man partnered up with HYBE.
On February 10, HYBE announced that it had signed a contract to acquire 14.8% of the 18.46% stake owned by Lee Soo Man and became the sole largest shareholder in SM Entertainment. Previously, Kakao acquired 1.23 million new shares issued by SM in the form of a paid-in capital increase and acquired 9.05% of SM shares. With the new acquisition, Kakao became the second largest shareholder in SM.
In this dispute, the majority of SM executives and employees are siding with the current management under co-CEOs Lee Sung Soo and Tak Young Jun.
Recently, a poll was held in the 'SM lounge' section of the anonymous online community app 'Blind.' The poll asked the employees at SM Entertainment what their thoughts were about the management rights dispute. The poll was conducted for employees to vote for either 'Lee Sung Soo and Tak Young Joon + Kakao' or 'Lee Soo Man + HYBE.' As of February 13, a total of 222 SM employees had participated in the poll, with 190 (85.6%) voting for current management and 33 votes (13.9%) for Lee Soo Man + HYBE.
Even after it was announced that HYBE became the major shareholder of SM Entertainment, the employees wrote on the online community 'Blind' comments such as "I once was proud to be part of SM but that disappeared in an instant," and "I worked with high expectations for every project, but now I feel like I've been deprived of everything."
Well supposed SM employees did say a couple of times that they were sick of LSM and his private company so not surprised
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