Court decision paves way for K-pop powerhouse HYBE's takeover of SM

HYBE purchased a 14.8% stake in SM from founder Lee last month and sought to acquire up to 25% more shares through a tender offer to take management control of the agency, a move analysts say would help the BTS agency diversify revenue streams.Shares of SM closed up 1% at 129,200 won on Friday prior to the court ruling. The stock had been trading above HYBE's tender offer price of 120,000 won since the middle of last month amid a takeover battle between HYBE and an SM-Kakao alliance.

SM's current management have called the takeover attempt hostile and has sought to team up with Kakao to pursue various businesses.Reporting by Hyunsu Yim; editing by John Stonestreet, Robert Birsel and Susan Fenton

Entertainment Entertainment Latest News, Entertainment Entertainment Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SM Entertainment Battle: Court Backs Lee Soo-Man, Blocks Kakao Share Purchase and Dilution of HYBEA court in Seoul on Friday blocked a proposed move to issue new shares in K-pop talent agency SM Entertainment to Korean tech giant Kakao Corp. and its Kakao Entertainment subsidiary. An injunction…
Source: Variety - 🏆 108. / 63 Read more »

K-pop fans impressed by HYBE's 4th generation idol group performance on the digital music charts | allkpopHYBE is the biggest entertainment company in South Korea, housing the top idol groups of this generation.Not only is HYBE home to the global boy gr… Because hybe paid it hahhahha We know who to thank for that😌💜 And SM has the audacity to claim such and such. Wow. HYBE is already making good songs since the birth of BTS. 🤨
Source: allkpop - 🏆 573. / 51 Read more »

HYBE revealed to have paid Lee Soo Man an additional 70 billion KRW as an alleged premium for management rights | allkpopIt was revealed that HYBE bought Lee Soo Man's stake in SM Entertainment and paid Lee an additional 70 billion KRW (~53.3 million USD) for h… Whatever WDC LSM & hybe both are destroying SM
Source: allkpop - 🏆 573. / 51 Read more »

HYBE officially introduces its vision, strategy, and shareholder policies for its partnership with SM Entertainment, 'SM with HYBE' | allkpopOn March 2, HYBE officially launched the campaign page 'SM with HYBE', introducing and outlining the company's vision, strategy, and shareholder pol… ANNOUNCEMENTS 📣 ANNOUNCEMENTS📣 well then unintroduce it. Only hybe stans want this.
Source: allkpop - 🏆 573. / 51 Read more »

K-Pop’s Corporate Clash: HYBE’s Battle for SM Entertainment Gets RougherHYBE Corp., the talent firm behind K-pop sensation BTS, has launched a campaign to woo the shareholders of SM Entertainment, the rival Korean talent empire in which it is poised become the largest … Not only do you have a typo, you misspelled Belift, but you didn’t mention that Lee Sooman filed an injunction against SM about Kakao’s 9.04% share, which is very important in this entire situation.
Source: Variety - 🏆 108. / 63 Read more »