HYBE Signs Contract to Purchase 14.8% Shares of SM Entertainment

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. She co-founded the international music website TuneN2IM in May 2009, an outlet for artists all over the globe to promote their works, including interviews with various Korean singers, songwriters and producers. She was also a contributor to various Asian media websites. Her bias group is VIXX. She is largely a 2nd-3rd generation K-pop fan, but she is actively keeping up on the current acts. twitter

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