UPDATE: After vowing to acquire 40% of SM Entertainment, HYBE has pulled out of that deal, explaining in a statement fired off Sunday (3/12) that it was suspending its acquisition bid following a discussion with tech firm Kakao, its rival bidder.
Last month HYBE acquired a 14.8% stake in SM for around $335 million through the acquisition of shares from founder Lee Soo-man.
HYBE CEO Park Jiwon announced on 2/22 that the company had completed its 14.8% acquisition of Lee Soo-Man's stake in SM Entertainment and is now SM's largest shareholder.
Park made the announcement at roughly midnight ET following a week of headlines characterizing HYBE's investment in its rival label as a "hostile takeover." That point of view gained credence on 2/21 with the release by SM of a 15-minute video opposing HYBE's maneuvering.
As it vows to acquire a 40% share in the company, HYBE also issued a statement reassuring fans, employees and artists that SM acts will not be discriminated against. See Park's statement below.
OPEN LETTER TO FANS, ARTISTS, EMPLOYEES, AND SHAREHOLDERS OF SM ENTERTAINMENT pic.twitter.com/CsxqAmopFy
— HYBE OFFICIAL (@HYBEOFFICIALtwt) February 22, 2023
NEAR TRUTHS: EXPECT THE UNEXPECTED
One name keeps popping up amid the Roan-related speculation. (11/26a)
| ||
NOW WHAT?
We have no fucking idea.
COUNTRY'S NEWEST DISRUPTOR
Three chords and some truth you may not be ready for.
AI IS ALREADY EATING YOUR LUNCH
The kids can tell the difference... for now.
WHO'S BUYING THE DRINKS?
That's what we'd like to know.
|