EXO's Baekhyun hastily took to live streaming to address the recent rumors that had swept across the web.

On August 8, Baekhyun started an Instagram Live because there were rumors spreading that he had set up his own agency. As he began the live stream, Baekhyun cleared up the air and shared that he is indeed in the process of establishing a company, but he will remain with EXO and SM Entertainment.

He assured fans that he is venturing into opening a company for the betterment of his career as a producer and artist. He shared that he believes the support of his fans would guide him in managing his new position as a CEO of a company.

Baekhyun revealed that he will establish the company with Kasper, a dance choreographer, and explained that he will be releasing his work through his newly opened company.

He shared, "I will manage my company, but will stay with SM and will continue to promote with EXO members. I will establish my own company and if I don't become complacent and am able to produce satisfying results, then I shouldn't be satisfied (but work harder)."

Lastly, Baekhyun was concerned for his fans and explained that he didn't want to cause harm to the fans and his members. He shared that he will continue to put in the effort and bring only good news to them.