IST Entertainment has officially announced the early termination of a contract for one of its artists, aiding his transition to a new agency. The company has actively refuted allegations of imposing exorbitant fees or unreasonable conditions, asserting its commitment to facilitating a smooth shift for all parties involved.
ONEHUNDRED, the new management agency for popular boy group THE BOYZ, previously pointed out that the negotiation terms set by IST impeded the group from securing their trademark. Nonetheless, ONEHUNDRED remains resolute in its dedication to nurturing THE BOYZ’s future under an alternative brand name.
As per the latest developments, the rebranding process will commence officially on December 5, coinciding with the expiration of THE BOYZ’s contract with IST Entertainment, with MC Mong at the helm of this new chapter.
Official Statement from IST Entertainment
Greetings, this is IST Entertainment.
We regret the dissemination of inaccurate information concerning trademark rights and seek to clarify the situation.
Contrary to reports, we have opted to grant all eleven members of THE BOYZ the rights to utilize their trademark without any charges. This decision has been communicated directly to the members, allowing them to freely use the trademark for any projects, individual or collaborative, as mutually agreed upon.
Moreover, we made the decision to end one member’s contract early, even though six months remained, to support his new agency role, and he has been duly notified about this action.
Our choice to give trademark rights directly to the members, rather than to the new agency, reflects our commitment to the team’s stability and fosters healthy interactions with their fanbase.
We believe that granting free usage rights directly to the members is the right approach to safeguard the future of THE BOYZ, a group cherished by their supporters, and enable their unhindered connection with fans.
Claims regarding demands for unreasonable fees or strings attached to the trademark rights are indeed unfounded. IST Entertainment has been open to various proposals on the trademark and has engaged in standard preliminary discussions to ensure a seamless transition.
Although our partnership with THE BOYZ is concluding, we remain committed to supporting their future endeavors and wish them every success.
For more details, visit the source: Daum.
For images and further updates, check this link: Source & Images.
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