HYBE acquires SM Entertainment shares
SHAH ALAM - HYBE confirms acquisition of 14.8 per cent of SM Entertainment’s share from founder Lee Soo Man - making it the largest shareholder of the company.
The deal was made at the cost of 422.8 billion korean won which is approximately RM1.4 billion.
Through a joint press statement, it was revealed that both Hybe and SM Entertainment had come to the decision to raise both of the agencies' status as the game changers in the global music industry.
Moreover, through the acquisition, HYBE Label revealed they were indeed on the same path with Lee Soo Man’s vision for the metaverse and as well as sustainability.
The agency further added they were strongly aligned with SM Entertainment’s steps on the multi-label structure.
“In such a turbulent environment such as the global music market, SM Entertainment was the key agent which revolutionised Korea's music industry and allowed for its sustainable growth.
“The agency paved the way and established a firm foundation for K-Pop to spread across the globe, and planted the idea that K-Pop was a new music genre to consumers around the world,” Hybe said.
On top of the deals made with Lee Soo Man, HYBE also disclosed its vision to acquire more shares from SM Entertainment’s minor shareholders - increasing its stake in the company
