SEOUL, Aug. 8 (Korea Bizwire) — Baekhyun, a member of K-pop boy band EXO, said Tuesday he plans to establish his own company, although he will remain with the nine-piece group and its current entertainment agency, SM Entertainment.
Baekhyun, one of three members who in June resolved an antitrust dispute over their contract with SM, revealed the plan during an Instagram livestream to clear up rumors surrounding his loan and future activities.
“I plan to operate my own company, and SM has positively agreed to my plan. While running the company, I will stay with SM and continue activities with other EXO members,” Baekhyun said.
Baekhyun said he took out 13 billion won (US$9.9 million) worth of loans to start a new company but denied rumors that he was preparing to float the company in the stock market.
“Creating a listed company with the borrowed funds is not possible and legally infeasible,” he said, without providing details of his envisioned entity.
During the livestream, Baekhyun said he lodged an antitrust complaint with SM due to his long-held questions related to its financial settlements and exclusive contract, but he is now in an amicable relationship with the company.
“There are rules within the company that must be adhered to. As I now understand SM’s position, and the same goes for SM, we are supporting each other through amicable agreements and compromises,” he added.
In June, Baekhyun, Xiumin and Chen lodged an antitrust complaint with the Fair Trade Commission over unfair contract terms, but they wrapped up the dispute by agreeing to stay with SM and EXO.
Following the agreement, EXO released “Exist,” its seventh full-length album, in July, selling over 10 million copies on the first day of its release.