South Korea s Kakao Corp
and affiliate Kakao Entertainment have acquired a
40% stake in K-Pop agency SM Entertainment, the
agency said on Tuesday. It included the acquisition of a 35%. | March 28, 2023
Hybe, the K-entertainment powerhouse behind global superstar group BTS, said Friday it will sell off all of its 15.78 percent stake in SM Entertainment to Kakao after its bid to take over the rival entertainment agency fell through.
SM Entertainment Co. plunged after BTS label Hybe Co. said it would back down from a battle over the smaller K pop agency, ending a bidding war with i.
Hybe Co. acquired only a fraction of the shares in rival SM Entertainment Co. it hoped for, an embarrassing blow for the label behind global phenom BT.