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