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It was previously reported that the BTS boy group's label, HYBE, is planning to acquire a stake in SM Entertainment even while there is an ongoing dispute between the company's founder, Lee Soo Man and executives who recently sold stakes to Kakao Corp.
According to Korea Joongang Daily, Kakao and SME's deal is expected to be completed by Mar. 6. However, Lee went to court to stop the transaction via an injunction request that was submitted by his lawyer at Yoon & Yang LLC.
Various media outlets stated that the SM founder sued SM Entertainment for the "illegal" negotiations with Kakao. And amid this management conflict, new stories emerged about Hybe, formerly known as Big Hit Entertainment, becoming the largest shareholder of SME after buying a stake from Lee Soo Man, who holds 18.46% of stocks in the company.
In the latest breaking news report, it was said that Hybe is now SME's top shareholder after investing KRW422.8 billion or around $334.3 million, to buy a 14.8% stake belonging to Lee. The deal will only leave LSM a little over four percent stake in the entertainment company he built.
On Feb. 10, Friday, HYBE reportedly confirmed its stake acquisition and on this same day, the co-chief executive officer of SM Entertainment - Lee Seong Soo and Tak Young Jun - also released a statement regarding Lee Soo Man's filing for a provisional injunction. They also commented on the fact that Hybe is set to take over the company as the largest shareholder.
"We oppose all external hostile merger and acquisition (M&A)," they jointly said in a statement. "The strategic alliance with Kakao is based on the company's decision to accelerate the implementation of the SM 3.0 strategy and has nothing to do with the management dispute claimed by the largest shareholder. SM opposes privatization by a specific shareholder/group and will do its best to establish a sound and transparent governance structure and protect shareholder rights."
