Family feud with ‘emperor lee’
Larger-than-life Lee, 70, considered the “godfather” of K-pop, has not assumed any official title at SM for years.
He instead exerted his influence through a private company that he set up to help the industry’s global expansion and offer management and training services.
Activist fund Align Partners, which owns about 1% of SM, last year began demanding its management team, led by Lee’s nephew and protege Lee Sung-soo, cut business ties with the founder, citing governance issues and high fees paid to Lee’s private company.
Frictions between SM and Lee came to the fore last month when his nephew called the founder “Emperor of SM Empire” in a YouTube video and criticised him for demanding unfavourable revenue sharing deals and undermining SM’s governance.
The nephew, 43, a 17-year-veteran of SM, said he had informed Lee on Jan. 17 that from now on he would…
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