HYBE will acquire a 14.8 percent stake in SM Entertainment for 422.8 billion won ($334 million) to become the largest shareholder of the entertainment agency, HYBE announced in a public disclosure Friday.
The shares are currently held by Lee Soo-man, founder of SM Entertainment, who is embroiled in a dispute with the current management of SM Entertainment.
HYBE is home to K-pop acts such as BTS, Seventeen, Tomorrow X Together, Enhyphen, NewJeans, Le Ssserafim and more. SM Entertainment holds the intellectual property rights for a number of the biggest K-pop groups of the last decade, including TVXQ, Super Junior, SHINee, Exo, NCT and aespa.
BY LIM JEONG-WON [firstname.lastname@example.org]