SM Entertainment denies knowing about Baekhyun's new company: ‘EXO will continue their group activities’

EXO member Baekhyun recently said he won't be releasing his solo album. However, EXO agency SM Entertainment has revealed plans of releasing his album in 2023.

EXO's management agency SM Entertainment issued a statement regarding Baekhyun's recent claims during a live session and claimed that they were never aware of him launching his own agency. Earlier this year, Chen, Baekhyun, and Xiumin mutually settled their legal dispute with SM Entertainment ahead of EXO's comeback.

EXO's Baekhyun to launch his own company with a friend.

What Baekhyun said?

Baekhyun recently held a live session on Instagram and clarified rumours of leaving EXO. He also talked about the dispute with SM Entertainment, taking a loan of 13 billion won for his company. He also said, "SM also agreed and showed a positive attitude to my starting my own company. It’s not something I said on my own, without consulting with others.”

What SM Entertainment is claiming?

However, SM Entertainment in their fresh statement claimed, as quoted by Soompi, "Our company had never heard anything about this before, and we learned about it through the news. Although we are flustered [by the sudden news], we trust that [Baekhyun] will keep the promises he made during our mutual agreement.”

Baekhyun Vs SM Entertainment

During the live, Baekhyun also said he won't be releasing his solo album. “The reason why I’m not releasing an album is not because I’ve lost my initial mindset but because I think that this is a very important period in my life,” said the EXO singer. But, the company claimed in the latest statement, "Their (Chen, Baekhyun, and Xiumin's) existing contract [with SM] has not expired. In Baekhyun’s case, his contract runs until January of next year. We have also been preparing a solo album for Baekhyun, with the goal of a release within the year. Their new contract is also valid. As was previously reported, part of the contract was amended through mutual agreement.

Baekhyun's new company

Baekhyun recently told fans that he was starting his own company with his friend Kasper. The company is tentatively named One Signature. He also apologised to his fans, “I’m sorry for making fans go through a difficult time," and as per Twitter @ot9__fever, also said, "I'll stay in this company, in EXO, with EXO members forever but this company needs to improve some things."

EXO is a popular South Korean-Chinese boy group, formed by SM Entertainment in 2011. They debuted in 2012. EXO has nine members: Xiumin, Suho, Lay, Baekhyun, Chen, Chanyeol, D.O., Kai and Sehun.