HYBE has acquired a stake in SM Entertainment.
On February 10, HYBE announced the purchase of 422.8 billion won (approximately 334.6 million dollars) shares―a 14.8 percent stake in SM Entertainment.
The shares were held by Lee Soo-man, founder of SM Entertainment; he previously held a 18.46 percent stake in SM Entertainment.
HYBE is home to globally-popular K-pop acts such as BTS, SEVENTEEN, TOMORROW X TOGETHER, ENHYPEN, LE SSERAFIM, NewJeans and more, while SM Entertainment is one of the country's top K-pop agencies that manages K-pop acts like Super Junior, TVXQ!, Girls' Generation, SHINee, EXO, Red Velvet, NCT, aespa and more.
This purchase makes HYBE the SM Entertainment's largest shareholder as well as leader in K-pop.
The deal aligns with HYBE's mission to build a global entertainment giant rooted in music with interests in other mediums and platforms related to entertainment, lifestyle and culture.
Regarding the deal, HYBE stated, "The deal is aimed at strengthening the competitiveness of HYBE in the K-pop industry. We believe we'll be able to become a game changer in the popular music market across the globe if we unite the capabilities of the two companies."
(Credit= HYBE, SM Entertainment)