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EXO members Chanyeol and Sehun made headlines and began trending on Twitter on October 17, 2023, as speculations about them leaving SM Entertainment surfaced on the social media platform. This came after a report by the Korean news outlet, SBS, claimed that Sehun and Chanyeol would be departing from SM and signing with other agencies as solo artists.
SM Entertainment gave their official statement to SPOTV News and Herald Pop as they refuted the report by SBS, stating that the same was not based on facts and that the contract between the company and EXO members is still intact.
"The reports about Sehun and Chanyeol’s transfer to a new agency are not true. The contract signed at the end of 2022 between SM Entertainment and the EXO members is still in place, and EXO’s activities will continue with SM," the agency said.
SM Entertainment refutes claims of EXO members Chanyeol and Sehun leaving company, sheds light on clauses
The South Korean music company also stated in its official statement shared with outlets including SPOTV News and Herald Pop that it allows the members to go ahead with their solo endeavors outside the exclusive contracts with the company.
They noted in the statement that the clause highlights that for the idols to leave the company, the artists have to establish their own agency and carry forward their solo projects under that banner.
"However, should a member wish to proceed with their individual activities while under exclusive contract with SM Entertainment, we conditionally allow that to occur through an agency that the individual idol establishes on their own," SM Entertainment said.
As per Koreaboo, on June 1, 2023, the group members Chen, Baekhyun, and Xiumin announced that they would be suing the company to terminate their exclusive contracts. At the time, SM Entertainment was accused of withholding payments and pressuring the plaintiffs into signing "slave" contracts.
The complaint emphasized contract slavery clauses and disparities in payments as reported by The Korea Times. Following this, the stock prices of the music company declined drastically in a single day.
In a prompt response to these accusations, SM Entertainment denied pressuring the members to extend their contracts.
Additionally, the music company claimed that the members sought to execute two separate contracts with an unidentified third party. Furthermore, the parties then came to an amicable understanding and SM Entertainment issued a joint statement to the press on June 20, 2023, which said:
"This company and the three artists resolved their differences caused by misunderstandings and reached a mutual agreement based on smooth communication."
However, Yonhap News noted that the statement said that EXO-CBX's contracts had been adjusted in several areas to better align with one another's stances, but it did not provide specifics about the agreements made.
In other news, EXO member Baekhyun has been roped in by Riots Games to lend his voice to the character of Ezreal from the League of Legends Championship's virtual band HEARTSTEEL. The virtual band's debut song PARANOIA will be released worldwide on October 23, 2023.
