Back in February, VT GMP bought over 30% of Cube Entertainment‘s shares to become the company’s largest stakeholder. A month later, the CEO was ousted and new co-CEOs were appointed that were associated with VT GMP.
Well, things are not going well for the idols under the company at the moment if company founder Hong Seung Sung is to be believed, as he recently spoke up about the changes, comparing the new management unfavorably to thugs, “Everyone, I’m going to talk about what is currently happening at Cube. Recently, the majority shareholder in Cube changed. However, in a critical time when we have to cooperate with each other for the sake of the company’s artists, they are creating conflict within the company by doing things that even a gang of thugs wouldn’t do. I feel truly devastated.”
That contrasts starkly to just a month ago, when he sounded optimistic about the acquisition, at least on the surface.
Cube’s CEO Hong Seung Sung shared on his personal Twitter account, “Cube has teamed up with an impressive partner so that we can take more powerful leaps. By making up for and filling in each others’ needs, we will work to become a continuously shining Cube Entertainment.”
So basically the way he describes it, this sounds like it was a company raid, though I assume that’s always part of the risk when you’re publicly traded and you dilute your own stake to cash out. Also, Cube doesn’t exactly have the best track record anyway, so change could’ve arguably been good.
Of course, there’s valid concern for the artists here, and there should be even more concern for the employees if what he’s saying is true, but it’s hard to know what the internal issues are other than it’s likely a mess if he’s speaking out like this about the state of things.