SM Entertainment Denies EXO Baekhyun's Claim That It Was Aware Of His New Label

SM Entertainment denied that they knew about Baekhyun‘s new label.

On August 9, SM Entertainment released a statement about EXO-CBX’s contract status with the label.

The contract in place has not expired. In Baekhyun’s case, his contract runs until January of next year.

— SM Entertainment

Previously, one YouTube reporter claimed that Chen and Xiumin would be leaving the company in September and October, respectively, and are planning to sign with Baekhyun’s new label.

Regarding this, SM Entertainment did not mention the members’ contract status. Instead the label emphasized that their new contract with the members was legally viable and explained the contracts were amended with fans’ interests in mind.

As aforementioned in our previous press release, members’ contracts have been amended. Also, as we previously revealed, we negotiated with our fans’ interest at the forefront. As you well know, at the time, EXO was preparing for their new album. If the legal feud continued, we felt we wouldn’t be able to promote the album the members had worked so hard for, and the future of EXO’s group promotions would be cloudy. Therefore, we negotiated for the sake of the group’s future promotions

— SM Entertainment

SM Entertainment then denied Baekhyun’s assertion claiming that SM Entertainment had known about the idol’s new label and that it was supportive of the idol’s new venture.

As for that, we had not heard anything and had learned about it in the news. We are taken aback, but we have faith that he will keep the agreement we had made.

— SM Entertainment

Recently, EXO’s Baekhyun held a livestream to address allegations stemming from his financial dealings. During the livestream, the idol stated that he had set up a new label and that SM Entertainment was aware of this and was supportive. You can read more on the livestream in the link below.