Lee Soo Man is the founder of SM Entertainment in February 1995 that created superstars like H.O.T., TVXQ, Girls Generation(SNSD), Super Junior, f(x), SHINee, CSJH,BoA & etc. now it is reported that SM will resigned from SM Entertainment and Avex (the Japan company that manages some of SM's artists in Japan) has sold off all the shares.
Apparently, SM is stating that Lee Soo Man is resigning so that SM can focus on investments and business development overseas, however I don’t see the correlation between the two events. Regardless, Lee Soo Man will no longer be engaged in business activities, however he will still remain the major stakeholder, acquiring another 1.5% of shares from Avex, making his total share of SM Entertainment, 28.3%.
In addition, the relationship between SM Entertainment and Avex Entertainment seems to be over, as Avex sold all 15.4% of their shares, with Neowizbugs acquiring the majority of it.
So what does this mean for TVXQ? We’re not sure, but seeing that Avex Entertainment has sold all of SM Entertainment’s shares, it doesn’t look like good news. However, there is a silver lining in that Avex’s CEO Masato “Max” Matsuura recently blogged and tweeted about how proud he was of TVXQ with their recent accomplishments and achievements (Platinum status and more).
Source: Allkpop
p.s. what is going to happen to my boys TVXQ?? he hasn't even solved the problem with the 3 members,i say SM is trying to run away from the problem! plus the court already seen all his business documents and knows that SM is a freaking CHEATER!! he makes slave contracts!! bloody shit!!
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