Remember the previous lawsuit between EXO CBX and SM Entertainment? It was apparently the start of a new beginning for EXO Baehkyun, as he is now the CEO of his own new company. So, what will happen to SM Entertainment now that more EXO members decided to be independent? And is it true that Baekhyun is currently recruiting Chen and Xiumin to his company? Does it mean that SM was right about CBX using the lawsuit for contract termination? Join us as we discuss them further in the following report.
Baekhyun Sets Up New Company, I&B100: More EXO Members Leaving SM Entertainment?
EXO Baekhyun is now the CEO of his own company called I&B100.
On January 3, an exclusive report from TenAsia revealed that one of the EXO members, Baekhyun, had founded his own company.
TenAsia obtained corporate registration documents about the details of Baekhyun’s new company, revealing that Baekhyun is not only the founder but also serves as the CEO and has completed registration as an internal director.
The report also stated that Baekhyun had founded the company on June 23, 2023. It means that he had completed the company’s establishment before August last year when Baekhyun’s contract renewal issues with SM Entertainment (SM) came into the picture.
Does it Mean More EXO Members Leaving SM Entertainment?
Unlike his fellow EXO member Do Kyungsoo (D.O), Baekhyun is not leaving SM Entertainment. Instead, Baekhyun plans to continue his activities both independently and in conjunction with SM through his private company.
After all, it was only last year that Baekhyun renewed his contract with SM. And although he may have suffered from a setback after the slave contract lawsuit with EXO CBX members, both parties eventually resolved the issues.
Besides, Baekhyun once mentioned in a live broadcast on his Instagram on the early morning of August 8 last year that he planned to run his own company. He also revealed to have received a positive agreement from SM.
Most importantly, Baekhyun also emphasized that he would not leave SM and EXO. Instead, he would operate his company while continuing activities with EXO members.
“I’m going to run my own company while still being part of SM, and I’ll keep working with the EXO members. My goal is to create a successful company, and I know I can’t just settle for less. If I’m not achieving the desired results, I need to push myself to do even better.
– EXO Baekhyun.
this was the part where baekhyun mentioned something about staying as an exo member (feel free to translate this clip correctly ?) pic.twitter.com/Cmhfj3znEr
— maria ✴︎ (@ohsenh) August 7, 2023
EXO Members Chen and Xiumin to Join Baekhyun in His New Company
Further in the report, TenAsia also mentioned that EXO members Chen and Xiumin, who resonate with Baekhyun’s initiative, plan to join Baekhyun and his new company.
This revelation is almost in sync with what YouTuber Lee Jin Ho once stated in August last year.
“Chen plans to depart from SM in September, followed by Xiumin in October, and Baekhyun in January next year to fully engage with the company Baekhyun founded. This decision came after thorough discussions with SM.
Once they leave SM, they’ll have more freedom for their solo ventures. However, all three have committed to prioritizing EXO promotions. Over time, they aim to continue supporting EXO’s activities.”
– YouTuber Lee Jin Ho.
What is I&B100?
Previously, reports mentioned that EXO Baekhyun had held a position at One Signature, an entertainment firm, as an internal director.
He explained that One Signature is the company he co-founded with his friend Kasper. For the record, Kasper was one of the key figures mentioned in the bribery accusations against Baekhyun last year.
While One Signature company aims to develop skilled choreographers and dancers, Baekhyun’s new company, I&B100, will operate under a different name and have distinct goals.
I&B100, Baekhyun’s new company, will have more unique direction and strategy under his leadership.
The company is registered for diverse activities, extending from standard entertainment production to management and investment consulting. It means that Baekhyun can channel any of his producer ideas through this enterprise. Hence, the industry is anticipating a detailed business outline for this year.
Behold, producer Baekhyun is coming very soon!
What Did SM Entertainment Say?
Finally, what did SM Entertainment say about EXO Baekhyun establishing his new company?
Previously, SM Entertainment denied any knowledge about Baekhyun’s new company. Although Baekhyun stated in his LIVE broadcast that he had acquired support from the company, SM admitted they were surprised by Baekhyun’s statement at the time.
“We were unaware of this development and only found out through the news. It’s surprising, but we trust that he will honor the agreement we have in place.”
– SM Entertainment.
However, today, everything seems to have been clear. Responding to the exclusive report, SM confirmed that the exclusive contracts for Baekhyun, Chen, and Xiumin remain valid. Therefore, the three EXO members are not leaving SM Entertainment.
Instead, SM described their individual activities through Baekhyun’s I&B100 as part of a collaborative concept. The company added that while they cannot disclose specific financial terms, they have allowed the three members to engage in individual activities as per the agreement with the company.
“The exclusive contracts with the three EXO members are still active. While we can’t share the exact details of the contract, we’ve arranged for them to pursue their individual projects in line with the terms agreed upon with the company.”
– SM Entertainment.
Congratulations on the new venture, Baekhyun!
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Source: TenAsia, Sports Chosun, MyDaily.
