Shinhwa has declined the 360,000,000won offer from SM
SM stated that for a year they have been negociating with Shinhwa about their renewal contract.
However Shinhwa declined it and SM will accept that
on May 10th Shinhwa will have their farewell fan meeting
Shinhwa thanks the people who have helped them through the 5+ years.

Midnight struck on Shinhwa¡¯s contract negotiations with SM Entertainment yetersday April 30. SM¡¯s offer to the popular male group had stood still for some time now as a 3 album contract worth the equivalent of 3 million US dollars. But today SM Entertainment announced that the 6 member group chose to reject the offer and test the free agent market. If it had been accepted each member would have been owed $500,000. Shinhwa finished their 6th album activities in late March to concentrate on new contract negotiations with SM. According to sources contract extension negotiations apparently started a year ago. However it wasn¡¯t enough to keep them under SM who have also lost HOT and SES within the past two years. Shinhwa who debuted under SM in March 1998 will still be holding an official fanclub meeting on May 10 entitled the ¡°Creation of Shinhwa.¡± Things started to boil up when rumors spread that another company offered the group a 4.3 million dollar contract also for 3 albums which was worth severely more than SM¡¯s contract offer. ¡°Even though we couldn¡¯t come up with a deal we would like to thank SM Entertainment today for making Shinhwa what it is today. This decision of ours to leave wasn¡¯t hastily made but carefully contemplated during our time off,¡± announced the Shinhwa members. Shinhwa is now expected to chose among 4 or 5 companies who have supposedly shown interest. The group declined to release any specific statements regarding negotiations with other companies since their SM contracts don¡¯t officially expire until after the fan meeting. The biggest worry that Shinhwa fans had since the negotiations began was not whether they would break up (Shinhwa promised to anybody who would listen that they would not be doing so) but whether they would be abloe to user their name. It is uncertain whether or not they will be able to use the name Shinhwa since its rights are owned by SM Entertainment. However their old boss hinted that they might be able to work out a deal. ¡°Even though their contracts with us ended we will keep continue supporting them. As for the name Shinhwa we are open to talks with their new company whoever they sign with,¡± said SM. Being a hot property SM is not expected to give away the name as they did to former SES lead singer Bada but might be willing to sell its rights or let the group use it for a fee.

credits to shinhwa sarang + Sing-shinhwaland + soompi

seems like everyone is leaving sm~

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