The antitrust regulator said Thursday it has decided to give conditional approval to IT giant Kakao s acquisition of a controlling stake in K-pop powerhouse SM Entertainment, as the deal could hinder fair competition in the music streaming market.
Korea’s antitrust regulator has approved IT giant Kakao’s acquisition of a 39.87 percent stake in SM Entertainment, the K-pop agency behind EXO, aespa and NCT, contingent upon the implementation of corrective measures. The Fair Trade Commission said Thursday that it imposed two forms of corrective measures to address concerns that the merger of Kakao, a major IT company that owns both the music streaming .
Kakao Entertainment has become the biggest shareholder in SM Entertainment after being approved by the Korean Fair Trade Commission. Know the details here.