SM Entertainment Claim They Were Not Aware of EXO Baekhyun's New Company + Knetz React

SM Entertainment has announced its position on the transfer of EXO's Chen, Baekhyun and Xiumin's contracts.

Regarding the end of the contract with CBX on the 9th, SM Entertainment said, "The existing exclusive contract will not be terminated. "In the case of Baekhyun, the contract period is until January next year," they said.

Earlier, YouTuber Lee Jin-ho said, "Chen, Baekhyun, and Xiumin will leave the company and go to the company founded by Baekhyun." In particular, Lee Jin-ho mentioned the specific expiration date of the contract. "Chen and Xiumin decided to leave SM in September and October, respectively, and Baekhyun will come out in January next year," he said adding, "The conclusion was reached after consultation with SM."

In this regard, SM only mentioned exactly when Baekhyun's contract expires, but declined to say whether Chen and Xiumin's contracts will end in September and October, respectively.

Emphasizing the validity of the new exclusive contract, SM said, "It was partially revised according to mutual agreement as previous press releases were distributed." Baekhyun also said he is preparing to release a solo album by the end of this year.

In addition, SM said about the background of the agreement with CBX, "As previously announced, we agreed to protect the EXO group and the entire members, and above all, for the fans," adding, "As you know, it was the time for the release of a new album as a whole EXO." "If the dispute continues, it was virtually difficult for all EXO members to do their album activities normally, and the future EXO group activities will become unclear, so we agreed for the activities of all members," they stressed.

Then, how will CBX become active after the contract expires. In response, SM said, "The new exclusive contract is valid and EXO group activities will continue," and explained, "We cannot disclose specific settlement conditions, but as agreed with the company, three CBX individual activities are also possible."

On the other hand, regarding the background of the establishment of Baekhyun's private company, One Signature, they said, "We have never heard of it before, and found out through an article. It is embarrassing, but we believe that the mutual agreement will be kept," they added.

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