HYBE BUYS STAKE IN RIVAL K-POP HOUSE
Bang Si-Hyuk's HYBE has acquired a 14.8% stake in rival K-pop label SM Entertainment. HYBE also pledged to buy another 25% of the company, which would enhance its new status as SM's biggest shareholder. K-pop stocks surged Friday (2/10) on the news that the two biggest South Korean labels are on the cusp of a merger.
The 14.8% stake HYBE acquired comes from SM founder and recently terminated Chief Producer Lee Soo-Man, who's been embroiled in a bitter split with SM's executive leadership. After the HYBE sell-off, Lee still holds a 3.7% stake in SM.
Meanwhile, SM's second-biggest shareholder, South Korean tech giant Kakao, is attempting to acquire a bigger stake in SM in a move that would minimize HYBE's share. Lee opposed the action, calling the sale "an act of illegality."
HYBE's massive week also brings Quality Control to HYBE America and sees the addition of superstar SM acts aespa, NCT and SuperM to its portfolio.
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