Hyesung couldn’t join this press conference
Shin Hwa is leaving SM Town!!
[04.30] Shinhwa rejects SM offer, will go to a new company
Shinhwa has rejected SM’s contract of 36 Uk. SM Entertainment released a statement saying, “Our negotiations with Shinhwa have fallen through.”
“Through the past year, the financial negotiation team has been working respectfully with Shinhwa members in order to come to a mutual financial negotiation, but they did not accept and things did not work out. We attempted our utmost and offered them the best pay at 6Uk each, amounting to 36Uk total. We fully acknowledge Shinhwa’s worth, but this is the best we could do as a company. If they receive a better offer from another company, we will feel regretful, but for the sake of each party’s development, we will have to give them up.”
Shinhwa, who debuted in 1998, signed individual agreements in 1997 that will end at the beginning of this month. When Shinhwa officially leaves SM with their last activity, a fan meeting at a JamShil gymnasium, it appears that they will eventually choose one of the 4 or 5 companies that have offered contracts. Shinhwa released a statement saying “Though we did not achieve negotiations with our company, we thank everyone at SM who has, from before our debut until now, made us and helped us. We will not think on this hastily, but we will calmly take a break to deliberate and decide.”
credit: sports today and soompi+network54
Pfft nice try SM..nice try to make it seem they’re greedy for money.. tsk..isn’t it funny when they ended up signing with a new small company which later barely able to sustain them financially? If they were that greedy, they wouldn’t sign under new company with so little money..but good thing they asked more than SM could give so they could leave U_U =]]]]]]]
Divorce Settlement: Shinhwa Breaks Ties With SM Ent
Midnight struck on Shinhwa’s contract negotiations with SM Entertainment yetersday April 30. SM’s offer to the popular male group had stood still for some time now as a 3 album contract worth the equivalent of 3 million US dollars. But today SM Entertainment announced that the 6 member group chose to reject the offer and test the free agent market. If it had been accepted each member would have been owed $500,000. Shinhwa finished their 6th album activities in late March to concentrate on new contract negotiations with SM. According to sources contract extension negotiations apparently started a year ago. However it wasn’t enough to keep them under SM who have also lost HOT and SES within the past two years. Shinhwa who debuted under SM in March 1998 will still be holding an official fanclub meeting on May 10 entitled the “Creation of Shinhwa.” Things started to boil up when rumors spread that another company offered the group a 4.3 million dollar contract also for 3 albums which was worth severely more than SM’s contract offer. “Even though we couldn’t come up with a deal we would like to thank SM Entertainment today for making Shinhwa what it is today. This decision of ours to leave wasn’t hastily made but carefully contemplated during our time off,” announced the Shinhwa members. Shinhwa is now expected to chose among 4 or 5 companies who have supposedly shown interest. The group declined to release any specific statements regarding negotiations with other companies since their SM contracts don’t officially expire until after the fan meeting. The biggest worry that Shinhwa fans had since the negotiations began was not whether they would break up (Shinhwa promised to anybody who would listen that they would not be doing so) but whether they would be abloe to user their name. It is uncertain whether or not they will be able to use the name Shinhwa since its rights are owned by SM Entertainment. However their old boss hinted that they might be able to work out a deal.
“Even though their contracts with us ended we will keep continue supporting them. As for the name Shinhwa we are open to talks with their new company whoever they sign with,” said SM. Being a hot property SM is not expected to give away the name as they did to former SES lead singer Bada but might be willing to sell its rights or let the group use it for a fee.
Credit – Solid07 source from here