Korean Media Reports That HYBE Labels Previously Considered Acquisition Of SM Entertainment Stocks
It was previously reported that Lee Soo Man had been in discussions for selling his shares in SM Entertainment to either Naver or Kakao Entertainment. However, a recent report in Korean media shared that there had been a previous company that sought to purchase stocks in SM Entertainment.
According to IB industry insiders, HYBE Labels (also known as BigHit Entertainment) had considered the acquisition of SM Entertainment stocks in 2020. However, it was eventually canceled. If they had acquired a significant amount of stocks, it would be likely that they would have a say in the direction of the company.
In other news, SM Entertainment has announced that while they are having various discussions on the acquisitions and partnerships, nothing has been set in stone. They will be making another announcement within a month or so when more matters have been confirmed. Naver and Kakao Entertainment have also announced that while they are indeed considering the acquisitions and deals, they have not decided upon anything yet in detail.