INB100, the agency representing EXO-CBX, released an official statement the morning of June 10, 2024 to address a growing dispute with SM Entertainment. According to INB100's statement, a resolution was reached in June of 2023 regarding legal matters, including the termination of exclusive contracts and a complaint filed with the Fair Trade Commission. Both parties, INB100 and SM Entertainment, had agreed to settle these issues amicably, prioritizing the continuation of EXO's activities.
However, INB100 alleges that SM Entertainment has failed to honor the terms agreed upon during negotiations. Specifically, they claim that SM Entertainment is now demanding "10% of the revenue from the artists' individual activities," a demand which INB100 has formally objected to, citing its unfairness. Despite sending a formal objection, SM Entertainment has reportedly remained unresponsive for over two months.
They will hold an additional press conference, attended by Chairman Cha Gawon, INB100 CEO Kim Dongjun, and lawyer Lee Jaehak, aimed to shed light on what INB100 perceives as unjust practices by SM Entertainment. The dispute highlights the complexities of managing the activities of high-profile artists like EXO-CBX and underscores the importance of clear and fair contractual agreements in the entertainment industry.