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The Givers CEO Ahn Sung Il alleges the ATTRAKT CEO was aware of the Warner Korea deal with FIFTY FIFTY

AKP STAFF
Posted by Sophie-Ha Wednesday, July 12, 2023

With the developing story involving FIFTY FIFTY, both sides have a distinct division of supporters.

Regarding the FIFTY FIFTY incident, The Givers vehemently denied ATTRAKT CEO Jun Hong Joon's claim that "an external force was attempting to poach the members." According to Ahn Sung Il, CEO of The Givers, he received a label deal offer from Warner Music Korea and promptly conveyed it to CEO Jun Hong Joon without omitting information.

On July 12, The Givers asserted, "ATTRAKT CEO Jun Hong Joon had pre-approved the label deal proposed by Warner Music Korea and received regular updates on its progress."

Previously, CEO Jun Hong Joon had disclosed a recording involving one of the executive directors of Warner Music Korea. In the recorded file, Executive Director Yoon mentioned the need to confirm something with CEO Jun and stated, "We offered a 20 billion KRW buyout deal to CEO Ahn Sung Il already before."

When CEO Jun responded, "I never heard of this," the surprised executive director asked, "You haven't heard of it?" CEO Jun then inquired, "What is a buyout?" In response, Executive Director Yoon explained, "In simple terms, it means taking over all the girls and everything." CEO Jun Hong Joon quickly dismissed the idea by saying, "No, no."

The Givers refuted this by stating that prior to the recorded conversation, CEO Jun Hong Joon had initially approached CEO Ahn Sung Il to explore the possibility of attracting investment from overseas sources.

The Givers' side further added, "While CEO Ahn Sung Il was seeking a solution, he shared the information he received about the label deal with Warner Music Korea with CEO Jun Hong Joon, leading to ongoing discussions between Warner Music Korea and CEO Jun Hong Joon."

The KakaoTalk conversation between CEO Jun Hong Joon and CEO Ahn Sung Il was also made public.

According to the Kakaotalk conversation, on December 19, 2022, CEO Jun Hong Joon inquired about gaining investment, such as advance payments, from the US to address the lack of funds. Correspondingly, CEO Ahn Sung Il claims to have discussed the label deal from February 22, 2023, to March 2023 with CEO Jun Hong Joon.

On March 8, CEO Ahn advised CEO Jun, saying, "You should focus on the label aspect first. In April, I will sort out the details of the direct distribution label and discuss it with you once everything is organized because it's a structure that comes together when funds are available." CEO Jun responded, "Yes, Expert Ahn."

On April 10, discussions about the label system took place with Warner Music Global and Warner Music Korea. CEO Ahn reported, "Today, we had discussions about the label system with Warner Music Global and Warner Music Korea in Korea. We have decided to hold further meetings during the week to discuss each party's perspective on an effective localization strategy. I will provide a separate report after further enhancement." CEO Jun replied, "You should ensure it's structured well."


Differences between the two parties emerged on April 22. CEO Jun expressed a preference for advance distribution investment and a direct listing method rather than a label deal. CEO Ahn replied, "Direct listing is something to consider for the future, but it's not our goal. So, proceed as you envisioned. Ultimately, it's your, the representative's choice."

The Givers stated, "CEO Ahn Sung Il experienced extreme stress and hardship during the production of the FIFTY FIFTY album. CEO Jun Hong Joon did not allocate the advance payment received from distributor Interpark to production costs on time, resulting in delayed funds execution and payments to partners. This delayed debut was due to overdue and late payments."

They added, "Considering the complexities of album production for a girl group, involving collaboration with various partners (broadcasting, marketing team, overseas PR, platform company, stylists, hair and makeup, choreography team, etc.), the uncertainty of production costs poses a significant risk. Moreover, due to the challenges in attracting top-notch personnel within the ATTRAKT structure, we believed that collaboration with a direct distribution label would facilitate overseas work."

The Givers continued, "For the efficient production of albums, artist activities, and the stable growth of ATTRAKT, we proposed to CEO Jun Hong Joon and conveyed the approved label deal to Warner Music Korea." Regarding the term, they explained, "It refers to investment in equity acquisition and falls under the label deal category. CEO Ahn Sung Il mentioned that those who used the term label deal never referred to it as a buyout."

They further insisted, "CEO Jun Hong Joon repeatedly requested CEO Ahn Sung Il to facilitate investment attraction, so the label deal was not suddenThe Givers faithfully played the role of the middle man and the helping bridge."

The Givers accused, "CEO Jun, despite discussing overseas investment and label deals, rejected them after the success of 'Cupid' and insisted on sticking to the advanced distribution investment method. The allegation that he proceeded without the representative's approval is also untrue."

The Givers concluded, "Advance distribution investment and label deals are not decisions that CEO Ahn Sung Il can make alone but are aspects that can only be determined by the agency ATTRAKT, as the contracting party. We fail to comprehend why CEO Ahn Sung Il and The Givers, who made proposals with the best interest of CEO Jun Hong Joon, ATTRAKT, and the artists, are being accused of having ulterior motives."

  1. FIFTY FIFTY
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TheSquid
TheSquid19,658 pts Wednesday, July 12, 2023 2
Wednesday, July 12, 2023

Which is presumably why the label deal didn't happen. This isn't unexpected, getting investment is not the same as selling the group to a label.

.

I just knew the fingers of Warner were all over this mess, they're up to their necks in it. They offered a deal, and it was turned down, end of story.

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T_Jazz
T_Jazz17,717 pts Wednesday, July 12, 2023 5
Wednesday, July 12, 2023

Investment and acquisition are two different things.


I will accept that CEO Jun was seeking "investment."


But CEO Ahn pursued the acquisition because I can also believe these words:

"CEO Jun Hong Joon did not allocate the advance payment received from distributor Interpark to production costs on time, resulting in delayed funds execution and payments to partners. This delayed debut was due to overdue and late payments."


I don't believe CEO Jun was on top things.

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