"Keep our identity." As sm Entertainment's (sm) Harvard Business School conflict deepens, not only its artists but also its employees are greatly agitated. Who can blame the result of the money game in the capitalist society, but it is their desire to keep the identity of sm. sm has now faced the biggest challenge since its founding. Lee Soo-soo, co-CEO of Lee Sung-soo, announced on March 3 that he would open the sm 3.0 era, which is out of the Lee Soo-man general producer system, and Lee Soo-man, who was angry with Kakao over 9.05% It is because he took a hand. Lee Soo-man handed over his 14.8% stake in sm to Hive for 422.8 billion won on October 10, and Hive quickly became sm's largest shareholder. When sm's internal rebellion came out, Hive unexpectedly held a briefing on sm merger and acquisition. At this meeting, CEO Park Ji-won said, "sm is worth only sm. "Lee Soo-man will not participate in the Harvard Business School or participate in the production. I will not take any more royalties," he said. In addition, there was an observation that Hive could present Min Hee-jin, chairman of Adore, along with Chairman Bang Shi-hyeok to persuade shareholders. Min Hee-jin joined the company in 2002 as a member of sm Bond, and led the success by planting a unique concept and world view to Girls' Generation F X REDVelvet EXO SHINee. In recognition of this achievement, Min Hee-jin was promoted to sm Creative Director and Registered Director, but left in 2018 and joined Hive CBO. He became the head of Adore and launched New Gens to achieve global success. It is predicted that he will be able to raise Min Hee-jin as a new sm director because he is recognized for his ability and has a history of being from sm. Nevertheless, public opinion in sm is growing. sm employees are appealing to keep their self-esteem and identity in the blinds of anonymous community applications. "Kakao" is not a corporation, but it is a festive company that has been actively investing in it. "Hybrid" is a festive company that has been affiliated with the company. "Hybrid" is a festive company that has been affiliated with the company. "Hybrid" is said to have been involved in the system and music, but it is said that it is " It's just that, uh, In particular, sm and fans are worried that 'Hive's intervention will help K-pop gods.' Regardless of the field, a really big star comes out when there is such a strong rival. Just as Kim Yu-na had Mao Asada, and Cristiano Ronaldo had Lionel Messi - even in the real world of the music industry. H.O.T and Jexnulls, S.E.S and Fininkle, Shinhwa and Clickie, TVXQ and Big Bang, Girls' Generation and Kara 2NE1 have grown into global Korean stars. However, when sm falls into the hands of the hive, this competition also disappears. Hive will monopolize K-pop by absorbing the powerful sm's IP such as TVXQ Bona Girls' Generation SHINee Super Junior EXO REDVelvet Espa NCT. Although there are other big two such as JYP Entertainment and YG Entertainment, it is clear that Bona Hive will have an overwhelming advantage in terms of size. It is the opinion of the public that continuous growth is possible in this situation. There is also a great deal of concern about the disappearance of sm's color and world. sm is a group that has created a very unique fandom culture. sm Artists have inherited the unique color of smP, and the fans who love it have continued to love with strong loyalty. sm World, which has a lot of core fandom that loves sm company and culture itself as well as sm artist. However, if Hive intervenes, there is a worry that this sm world may crack. Anonymous voting in the blinds shows how sm employees feel, with 85% supporting the current Harvard Business School Jean and the Kakao alliance. On the other hand, Lee Soo-man's approval rating for the Hive Alliance was only 15%. Artists are also anxious. SHINee null said on the 13th "killer" countdown Love Live! "I want to have a concert. Where can I talk about it? "The company is in trouble now." Everyone except 'him' is suffering from mental suffering, but sm is preparing to take a leap quietly to move on to sm 3.0. sm donated KRW 200 million for the relief of the earthquake in Syria on March 13 and showed 'soundness'. Lee Sung-soo, co-president of Tak Young-joon, whose term ends on the 27th of next month, will challenge for his second term. Even if Lee Soo-man left most of his stake in Hive, Lee Soo-man's stake in the company was not 20%, so it became important for minority shareholders to use Harvard Business School. In response, sm is taking a shareholder-friendly step. It is said that Lee Chang-hwan, CEO of Behavioral Fund Align Partners, will be nominated as a non-executive director and three new social directors who have been recommended by Align will be appointed. Above allLove Live!! The shareholders' liking for sm has also increased as it has become a perfect distance from Lee Soo-man, who has taken a large part of sm's profits through planning and became the main cause of the shareholder uprising. In fact, since the announcement of sm 3.0, sm stocks have been on the rise every day, and reports have turned positive for 'buying'. Hive has made a tender offer with the aim of securing a 25% stake in sm, but Kakao is also a tough opponent. Some analysts say that in order for Kakao to win, it is necessary to buy tender at a higher price than the hive regardless of the result of the disposition application, and in this case, more than 2 trillion won is needed. However, Kakao also has the financial power to raise 1.2 trillion won from the Singapore Investment Authority and the Saudi Sovereign Wealth Fund through a paid-in capital increase in recognition of its corporate value of 11 trillion won in January. It is time to reconsider what is the right decision for the K-pop industry and whether the cultural value beyond the amount will be recognized.