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Com2uS Studios acquires a 4.2% stake in SM Entertainment, and this is said to be equivalent to 990,000 shares. The South Korean mobile and online game developer and publisher is reportedly investing a total of $47 million or about KRW70 billion in this stake purchase that was revealed on Tuesday, Nov. 1.
As per Korea Joongang Daily, Com2uS’s deal will be crucial to SM Entertainment’s founder and producer, Lee Soo Man, at the company’s next shareholders' general meeting, which was scheduled for March 2023. On Monday, the entertainment firm’s shares closed at KRW71,100 or $50.
In a statement, the game publisher said that its latest investment in SM Entertainment was not carried out to make the entertainment firm lean in its favor. It explained that it acquired some stake as it thinks that the company "is being under-valued and has a high growth potential for the future."
“SM Entertainment is one of the best entertainment companies that have led to the popularization of Korean popular culture around the world,” Com2uS further stated. “It has sold foundations with a 700-billion-won revenue and 130-billion-won net profit in 2021 and holds the most diverse artist portfolio among K-pop agencies.”
The tie-up between Com2uS and SM Entertainment will give the former the opportunity to bring and incorporate its technologies with the former’s intellectual properties of IPs, including special visual effects and computer graphics. For SME, it will be able to use the gaming firm’s visual technology for its online concerts and other virtual activities.
Meanwhile, The Korea Economic Daily reported that having Com2uS aboard is beneficial to Lee Soo Man, and ahead of the general meeting next year, it was reported that three top executives that have been supporting the SME founder, such as the co-CEO Lee Sung Su would complete their terms in the company’s board.
Com2uS also has plans to expand its business and the metaverse industry. Using its link to SM Entertainment may make it easier for the company to reach its goal, as the entertainment company’s IP in the digital space is already expansive.
