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Thursday, November 30, 2023

SM Leisure terminate controversial contract with Lee Soo Man’s Like Planning – Asian Junkie


A couple of month in the past it was revealed that the mess between SM Leisure’s stakeholders and Lee Soo Man’s Like Planning had returned, with the information that SME was once more contemplating slicing ties with LSM’s firm. Nicely, lo-and-behold, they’ve truly completed it.

SM Leisure introduced Friday that it’s going to sever ties with its chief producer Lee Soo-man on the finish of this yr. SM mentioned its board of administrators convened a gathering and determined to terminate a manufacturing license contract with Like Planning, a music manufacturing firm owned by Lee, on Dec. 31, sooner than scheduled.

LSM nonetheless retains 18.73% of SME’s inventory, and as talked about earlier than, SME has funneled near $100 million to Like Planning in whole. Nothing shady there, I’m positive.

Again in 2018 it was revealed that SME was paying the corporate tens of millions a yr for “producing” and there have been suspicions it was a method paying LSM straight from firm coffers. The corporate denied this on the time, they usually did the identical a yr later in 2019 when it was introduced up once more. After all none of this mattered for probably the most half, however SME was compelled to reply after main stakeholders referred to as for transparency, they usually ultimately appeared to give into calls for however actually simply mentioned they might give it some thought. On the time, the inventory value bled due to it, however one needed to assume that was of little concern for LSM in comparison with having tens of millions in money stream yearly.

So anyway, that is only a little bit of an replace on the controversy surrounding Like Planning for the reason that saga appears to lastly be concluded.

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