SM Entertainment stock soars on breakup with founder Lee Soo-man
SM Entertainment's stock price skyrocketed by more than 18 percent, Friday, on its announcement that the K-pop company will terminate a seemingly “bizarre” contract at the end of this year, through which it has paid tens of billions of won annually to Like Planning, a private firm wholly owned by its founder Lee Soo-man. “Our company received an intention for early termination of the producing contract from Like Planning and is currently reviewing the proposal. If the matter is confirmed through the board's meeting, we will disclosure it without delay,” SM Entertainment said on Thursda...