According to a report by The Fact on March 19, VIVIZ, Lee Mu Jin, and BE’O have formally notified Big Planet Made Entertainment of their intent to terminate their exclusive agreements.

The artists cited serious contractual violations and a breakdown of trust as the primary reasons behind their decision.

Currently, CEO Cha is reportedly unwilling to accept the termination notices. However, industry observers suggest that the likelihood of contract termination being upheld is high, given the apparent failure of Big Planet Made Entertainment to provide even basic support to its artists.

As previously reported by The Fact, the agency is facing complete capital impairment and has been unable to settle payments to its artists since the third quarter of last year.

Additionally, tens of billions of won in unpaid fees to partner companies and staff have accumulated, making it virtually impossible to support future album production and artist activities.

In response, Big Planet Made Entertainment stated to The Fact:

No final decision has been made regarding the termination of exclusive contracts with VIVIZ, Lee Mu Jin, and BE’O. The company is doing its utmost to support the artists’ activities as normal.