Respawn Entertainment

On January 3, 2003, the third day after Lee Young-ae announced her job change, Yuhuang Entertainment Korea finally responded.

At 9 o'clock in the morning, Yuhuang Entertainment held a press conference at the company headquarters in Seoul. At the press conference, General Manager Park Youji first announced that Yuhuang Entertainment Korea will spend 16 billion won (contract 100 million yuan) to film three large-scale TV series in 2003.

: "My name is Kim Sam-soon", "The Temptation of Wife", "Coffee Prince Shop No. 1".

As soon as this filming plan was announced, it immediately dispelled the theory that Lee Young-ae's job change three days ago caused the Korean entertainment industry to question the strength of Yuhuang Entertainment. It also gave reassurance to Korean artists within the company, telling them that the company's strength is very strong, and the Lee Young-ae incident is just

Accidental events.

The announcement of three major productions in one go also has the intention of suppressing the ** company's "Dae Jang Geum".

Naturally, the incident involving Lee Young-ae at the press conference could not escape reporters' questioning.

"Mr. Park, Li Young-ae suddenly switched jobs to ** company, what does your company have to say about this matter?"

"There are rumors that a senior executive of your company had a disagreement with Li Yingai, which caused her to change jobs. What exactly was the disagreement?"

"The senior management of your company revealed that they will sue Lee Young-ae for breach of contract? Are you asking for sky-high liquidated damages? Is this news true?"

Park Woo-ji calmly smiled when reporters asked: "Reporters are very concerned about Lee Young-ae's job change, so I will take this opportunity to make a few statements on behalf of the group company."

"1. It is normal for artists to change jobs. We do not comment too much on this. 2. Yuhuang Entertainment Group has always regarded artists as the core of the company, from Mr. Chen Lin, the chairman of the group's board of directors, to the company's employees.

We treat every artist with great respect. There are several reporters here who know our company very well. They should know that there is no water in my words, and I dare to swear that the company

There has not been a single complaint from an artist in the 6 years since the company was established. Therefore, the rumors are not credible. 3. Regarding Lee Young-ae's breach of contract, I can tell you frankly that Lee Young-ae's unilateral breach of contract has caused huge economic losses to our company, and we have resorted to legal action.

At this moment, we have submitted a lawsuit to the Seoul High Court. According to the contract, Lee Young-ae has to compensate us 7.68 billion won."

The reporters were all surprised when they heard the sky-high claim of 7.68 billion won (48 million yuan) from Park Youzhi. Many reporters thought they heard wrongly and that Park Youzhi had mentioned an extra zero.

Instantly, the scene exploded, with reporters questioning the reasonableness of this sky-high compensation.

"Everyone, please be quiet." Park Youzhi asked the reporters to calm down and explained: "I know everyone finds it a bit incredible, but I want to say that this claim is completely reasonable. This is a copy of the contract we signed with Lee Young-ae. After reading it, everyone will naturally

I understand."

As they spoke, the staff sent copies of the contract to the reporters. Some important clauses related to compensation in the contract had been drawn in red pen.

It says in black and white that if the artist unilaterally terminates the contract suddenly without notifying the company, liquidated damages will be paid.

Liquidated damages = artist's annual salary * remaining years of the contract. The contract states that the annual salary offered to Lee Young-ae by Yuhuang Entertainment in 2002 was 1.92 billion won (100,000 yuan).

In order to prove that the figures on the contract are real, Park Youzhi also provided bank transfer records and invoice receipts to reporters.

The reporters looked at the contract and became more and more surprised. They now understood why Yuhuang Entertainment had to ask for sky-high compensation. At the same time, the generous treatment of artists by Yuhuang Entertainment that was inadvertently revealed in the contract also made every reporter murmur in their hearts.

: "Isn't it a bit silly for Li Young-ae to switch to ** company?"

Reporters can immediately tell that no entertainment company in South Korea can offer a better contract than Yuhuang Entertainment, and it is well known that most companies in South Korea treat artists very harshly, especially this top company.

They are well-known vampires in the industry. For example, Shinhwa Group, the mainstay of ** Company, has often been rumored to terminate their contract in the past two years, accusing ** Company of being unfair to them.

"Lee Young-ae is in trouble. It's still unknown whether the company will pay her such a huge amount of compensation?" This idea quickly popped up in the minds of many reporters.

Indeed, the liquidated damages of 7.68 billion won can be said to be the highest in the Korean entertainment industry.

Just when reporters were shocked by the sky-high compensation, Yuhuang Entertainment dropped a piece of news that was enough to cause an earthquake in the Korean entertainment industry. As soon as this news came out, the so-called sky-high compensation news was immediately forgotten by all reporters.

What is the big news? Park Youzhi invited two special people, one is Thomson, the director in charge of investment affairs of Morgan Stanley's Korean branch, and the other is Ms. Yue Ya, the director of the board of directors of Yuhuang Entertainment.

On behalf of the board of directors of Yuhuang Entertainment, Ms. Yue Ya announced that she had commissioned Morgan Stanley to formally launch a tender offer for ** Company.

Immediately afterwards, Thomson accepted the commission on behalf of Morgan Stanley. At the same time, Thomson, on behalf of Yuhuang Entertainment, formally issued a tender offer to ** Company.

The so-called "tender offer" is to achieve the purpose of controlling the target company by issuing a public offer to all shareholders of the target company and then acquiring the company's shares through the stock exchange.

A tender offer does not require the consent of the target company, so a tender offer is also called a hostile takeover. The target company can only maintain its fate of not being acquired by adopting a tit-for-tat method of repurchasing shares.

The news of Jade Emperor Entertainment’s forced acquisition immediately triggered an earthquake in the Korean entertainment industry.

**The company also learned the news immediately, and President Li Xiuman convened an emergency shareholders' meeting.

Lee Soo Man, a man with a somewhat feminine surname, was a famous Korean artist and director in the 1970s. He established ** Entertainment Co., Ltd. in 1989.

** is known as the largest star-making factory in South Korea today. ** in history has successively made famous top Asian artists and groups such as H.O., Girls' Generation, Shinee, f(x), EXO and so on.

Now, because of the challenge from Yuhuang Entertainment, ** has not yet reached the point where it dominates the Korean entertainment industry.

As the leader of the company, Li Xiuman usually sticks to his word in the company, and no one dares to resist his decision, but there was a change in the situation at today's shareholders' meeting.

**Individual shareholders of the company rarely criticized Lee Soo Man.

"Xiu Man, you acted too recklessly this time." A 50-year-old director with white hair and surnamed Li first criticized at the meeting: "It's okay now, Yuhuang Entertainment wants to acquire us, and his boss

He is the richest man in mainland China. You should know about this Xiuman. You have to explain to the board of directors that things have turned out like this."

"Director Li, it is a normal economic behavior for artists to change jobs. What should we explain?" Li Xiuman said indifferently: "As for the other party saying they want to acquire us, I think it is a bluff."

"Xiu Man, your shortcoming is that you are too confident and underestimate your opponent. This time your opponent is different from before." Director Li said solemnly: "And your behavior this time broke the rules."

"Director Li made it clear, where did I break the rules?" Li Xiuman immediately retorted with a serious look on his face.

"Humph." Director Li sneered. Normally, he was a little wary of Li Xiuman's arrogance, but today such a big incident happened, so he didn't give it any face: "Excuse me, what's going on with the script of "Dae Jang Geum"? Is Liu Yana

What's going on?"

"President Li, does stealing someone else's script count as breaking the rules?"

"That's enough." Li Xiuman became angry and shouted loudly: "All decisions of the company are approved by the board of directors. Why didn't I see you objecting at that time? Stop pretending to be sensible afterwards."

In an instant, the muscles on Director Li's face twitched. He was about to fall out when suddenly the door of the conference room was pushed open. Li Xiuman's assistant burst in and shouted: "The president is not good. The company's stock suddenly fluctuated greatly. There was a large amount of money."

Money is buying up our stock."

Is Yuhuang Entertainment really taking action in the stock market? Is it really taking action at the expense of billions of dollars for an artist or a script?

Li Xiuman's originally confident eyes flashed with panic. He ignored the meeting and quickly got up and walked out of the conference room to see the company's stock fluctuations. Seeing this, other directors in the conference room, including Director Li just now, 7 and 8

All the directors were also panicked and ran out quickly.

There is only one chapter today

Wish you all a happy weekend,

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There is only one chapter today, I wish you all a happy weekend. (To be continued.)