HYBE Signs Contract to Purchase 14.8% Shares of SM Entertainment


Yonhap news reports that on February 10, 2023 HYBE announced that it had signed a contract to acquire 14.8% of the shares of SM Entertainment,  held by Lee Soo Man, the founder, for 422.8 billion won (appx $335 million) This will make Hive the largest shareholder of SM.

This acquisition would prevent Kakao from becoming the largest shareholder of SM who were previously reported to acquire 9.0% stake in SM to achieve joint projects. 

What do you think of this news? Let us know @kpopwise. 

Read Also: HYBE America Acquires Hip Hop Label Quality Control Home to Lil Baby, City Girls, Migos and More

Ciera Reeves

Ciera is the founder of KpopWise. She has been a fan of Korean pop culture since 2005 and writing about it since 2009. Her bias groups are VIXX and OnlyOneOf. She is a 2nd-3rd generation K-pop fan, but she is actively keeping up with the current artists. twitter instagram

Post a Comment

Previous Post Next Post