PAGE 15. On Monday, August 18th, a video surfaced around 2:17 pm of former Colossal Music CEO Kwon Dongil being removed from Alter Ego by two police officers in handcuffs.
Witness reports said that Dongil was hurling derogatory language and profanities mainly towards his nephew Kwon Seunghyun who, as some said, was standing in the lobby and watching everything unfold with a smile on his face as he waved bye to his uncle through the door.
For the last 7 months, Colossal went from one of the fastest rising entertainment companies to once again being on the brink of disaster; Back in January, the eldest Kwon became the center controversy as it was alleged that not only was he blackmailing an ex-shareholder and evading his taxes but that he also engaged in inappropriate relationships with a former trainee and staff member.
Executives over at the company had to act fast. Though he wasn't arrested nor charged with any crimes as of yet, people just weren't too keen on still supporting them if he remained tied to the label. Not only were they losing stock at an alarming pace but fans of Insu were threatening to boycott if he had anything to do with the idol's upcoming album. In what was said to be a last minute, hour and a half meeting, Dongil was forced to step down and Seunghyun was made to take his place.
While people understood their bad blood, the real question here was why this took place at Alter Ego. Originally, the best explanation given was that they were simply discussing another collaboration between their idols; Insu over at Colossal had, at this point, 2 songs with Alter Ego soloist Jaeyi and recently worked with Cain, their newest addition, while he was independent.
Others believed it had to do with funding. With Colossal losing investors and shareholders, their steady source of income dropped drastically. This could've been the case as around April, Sandra and Seunghyun were seen grabbing coffee together and had a private conversation that looked rather important.
Thankfully, we wouldn't have to wait long for a response as on August 21, just 3 days after the disruption, Sandra Lee revealed that Alter Ego was officially merging with Colossal Music.
Due to her lack of interest in making a boy group and seeing the success that was BoyScouts and Insu, she'll take it upon herself to initiate a deal; Originally, she was meant to acquire Colossal by buying most their shares only to help secure stable financial backing. However, the idea of merging kept plaguing her mind. It was a tough pitch to make but Seunghyun found himself giving in after a month of deliberation.
Together, both companies make Poser Records. Sandra will remain as CEO and Seunghyun will act as COO. With her overseeing their female idols, this meant that he had to overlook the male idols, revealing that they'll start taking in male trainees for the first time as soon as possible. To celebrate their merger, the joint company held a large black and white party over at the Alter Ego location.
As for Dongil, he remained adamant on pleading his innocence up until the Seoul Metropolitan Police Agency began properly investigating the claims against him. He's since moved from his home in the Gyeonggi Province and relocated elsewhere.