Popular South Korean singer and actress IU, whose real name is Lee Ji-eun, has decided to continue with her current agency, LOEN Entertainment, according to reports.

IU's exclusive contract with LOEN was up for renewal later this month. Soompi reported that IU has inked a new, three year contract. It has quoted LOEN's rep. as saying, "We have recently completed a contract renewal with IU, who has stayed with us for the past 7 years."

Like Us on Facebook

The 22-year-old singer has also decided to not take the deposit of her new contract. LOEN will be managing her singing career as well as acting. She is currently appearing as the cold, rude pop-diva, Cindy, in the Korean drama "The Producers."

If Cindy's contract was up for renewal, it is highly doubtful that she would have agreed to continue with the same agency. The one and the only reason behind her refusal would have been Byun Mi-sook, the tyrannical, temperamental CEO of her fictional agency, Byun Entertainment. Min-sook's middle name could have been exploitation, as she cares only about profit.

The recent episode of "The Producers" saw Min-sook slapping Cindy's manager in hospital, blaming him for not taking care of his client. The singer had sustained injury prior to her live stage performance, and her manager was nowhere near the scene when the accident took place. Despite that, the manger bore the brunt of Min-sook's attack as she was losing a lot of money because of Cindy's injury.

Meanwhile, it looks like Cindy will continue to be shown as someone who does not have friends. The episode 8 of "The Producers" will see actress Go Ara making a cameo appearance as Cindy's celebrity friend, but according to Soompi's report, there is a twist in this friendly tale.

The report has quoted Ara's agency SM Entertainment as saying, "Go Ara is planning on making a cameo on 'Producer.' She will appear as IU's friend." The report also revealed that the two do not share a good equation and will be seen fighting a "war of nerves."

IU made her singing debut in September 2008, with her single "Lost Child." She, however, started climbing the popularity track after the release of her debut studio album, "Growing Up," in April 2009.

TagsIU, IU Cindy, South Korean singer IU, Kim Soo-hyun, the producers, The Producers Cindy, Go Ara