HYBE has acquired a stake in SM Entertainment, the South Korean company that was long considered a rival to the home of BTS and the third largest publicly traded K-pop label in Korea.
, the South Korean company that was long considered a rival to the home of BTS and the third largest publicly traded K-pop label in Korea. The purchase of KRW 422.8 billion shares — a 14.8% stake — was reported on Friday and helps strengthen the company’s position as a leader in K-pop as it becomes SM’s largest shareholder.HYBE America had acquired Quality Control
, the Atlanta-based entertainment company covering music , sports, film and television founded in 2013 by CEO Pierre “P” Thomas and COO Kevin “Coach K” Lee. The deal, valued at $320 million in stock and cash, was led by HYBE America CEO Scooter Braun. The SM move was led by HYBE’s global team, which includes chairman Bang Si-Hyuk, CEO Jiwon Park and Braun and involves acquiring former chief producer Lee Soo-Man’s shares in SM Entertainment. SM is home to such acts as aespa, BoA, TVXQ, Girls Generation, Shinee, EXO, Super Junior and NCT. In Oct.
According to the announcement, “Bang Si-Hyuk and former SM Chief Producer Lee mutually agreed on the shared vision for the future of K-pop industry, followed by signing of the stock purchase agreement.” Said Bang: “HYBE fully agrees with former Chief Producer Lee’s strategic initiatives including metaverse, a multi-label system, and the sustainable vision campaign. … Leveraging our capabilities and resources, HYBE will further strengthen the presence of K-pop in the global stage.”Read More About:
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