HYBE Sells $50 Million in SM Entertainment Stock
The Korean music company, home to BTS, still retains a 9.4% stake in SM Entertainment.
The Korean music company, home to BTS, still retains a 9.4% stake in SM Entertainment.
The Korean music company, home to BTS, still retains a 9.4% stake in SM Entertainment.
HYBE owns 12.6% of outstanding SM Entertainment shares, up from 8.8% prior to the latest transaction.
The company emphasized “the need for leadership with a new perspective” after a scandal in 2023
The “integrated corporation” in the world’s top music market is an expansion of SM and Kakao’s existing partnership.
The next step in K-pop’s growth may lie not in music itself, but in exporting K-pop’s disciplined development, production and promotion model.
HYBE still owns an 8.8% stake in the competing K-pop company after Kakao purchased an additional 1.66 million of its shares.
Kakao Entertainment, owned by South Korean tech giant Kakao, will shut down the Korean branch of Tapas Entertainment, the U.S.-headquartered storytelling platform, next month. Kakao Entertainment told TechCrunch that it plans to close the Korean office as part of a restructuring effort to zero in on the company’s North American and other global units. The…
HYBE, which owns a 14.8% stake in the competing K-pop company, criticized the tie-up with tech company Kakao as one-sided and harmful to shareholders.
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