LED truck protests enter HYBE-SM Entertainment fray

Images of LED trucks parked in front of HYBE headquarters in Yongsan, central Seoul [SCREEN CAPTURE]

Fans of SM Entertainment artists held an LED truck protest in front of HYBE headquarters in Yongsan, central Seoul, on Tuesday to oppose the agency's takeover of the company.

Pictures of trucks parked outside HYBE were posted online on Tuesday, displaying the messages like "We fans oppose HYBE's monopoly."

One message parodied HYBE's slogan, "We believe in music," by slashing out the word "music" and replacing it with "money."

HYBE "should be asking how fans and artists feel about everything, but no conversation is taking place," said a fan taking part in the protest to the local press.

Fans and staff at SM Entertainment have been openly opposing HYBE's takeover of the K-pop agency since the day HYBE signed a deal to buy shares from SM founder Lee Soo-man last month.

HYBE is seeking to buy up to 40 percent of the company, which would give it effective control.

A total of 208 SM Entertainment employees — the company had 559 employees last September — came together under a coalition and released a statement opposing HYBE’s purchase of the company’s shares.

“Former chief producer Lee Soo-man has sold his shares to a competitor that he has been belittling and ran away as his illegal tax evasion came to light,” the statement read. “We will protect the cultural diversity of K-pop and the unique identity of SM Entertainment. SM Entertainment’s culture cannot be subject to HYBE’s capital.”

A shareholder meeting will be held on March 31 and SM Entertainment board members will be appointed.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]