The K-Pop world is currently going through one of its biggest ever corporate dramas, with SM Entertainment, the label of BoA, Girls Generation, EXO and Super Junior, fighting off what its managemen…
In the latest development, SM Entertainment said today that it was cancelling a share issue to Korean tech giant Kakao Corp and itssubsidiary, which was a move that appeared to be an attempt to limit HYBE’s influence.
HYBE announced last month that it was acquiring a 14.8% stake in SM Entertainment, in a deal that makes it the entertainment giant’s largest shareholder. It has acquired the shareholding from Lee who held an 18.5% stake in the company. HYBE CEO Park Jiwon has said the deal is not a hostile takeover and that he respects SM’s growth plans to expand the use of its artists’ intellectual property for merchandise, games and other non-music products.
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