Bang Si Hyuk reveals HYBE has attempted to take over SM Entertainment two more times and apologizes to fans and artists
HYBE founder Bang Si-hyuk opened up about his fight against Kakao to acquire shares in K-pop agency SM Entertainment.
On March 15, Bang delivered a keynote speech at the Gwanhun Forum organized by the Gwanhun Club, an association of senior journalists in Korea. The forum, held at the Korean Press Center in Seoul, South Korea, allowed attendees to get an idea of Bang and HYBE’s vision in the K-pop industry.
During the Q&A section, Bang Si Hyuk was asked how Lee Soo Man reacted to Kakao’s acquisition of SM Entertainment. To which he replied by saying:
“I didn’t have a chance to tell him during the negotiations. I told him after it was decided (that HYBE would quit). He didn’t show much emotion after hearing the reasons for our decision. »
Bang Si Hyuk added that Lee Soo Man appears to have accepted her decision with dignity.
“All he said was, ‘Why do you quit when you can win? He didn’t say he was disappointed in his longtime Hoobae. »
Afterwards, Bang Si Hyuk made a shocking revelation about his personal views. He said that he personally didn’t want to take over SM but had to think like a company.
“It was not my personal vision to take over SM Entertainment.
HYBE has been pointing out the takeover of SM Entertainment since 2019. HYBE made two offers but were rejected. Internally, there was both support and resistance to the takeover. Those who supported her felt the need to use her power to expand our global reach.
The opposition thought it better to invest this huge sum in the future of the world market. At that point, as a leader, I decided we needed to look to the future, and he wasn’t sure if we needed that now. And so we said goodbye to an acquisition. »
The HYBE founder went on to claim that their latest offer to acquire SM Entertainment came after Bang was personally contacted by SM founder Lee Soo-man.
“He asked me what I thought of the stock acquisition, and many factors opposing the acquisition of SM Entertainment disappeared by then. I liked it there [pour l’acquisition] so I accepted.
The competitive and overheated acquisition struggle that ensued was not planned. I decided we couldn’t deal with a war that disrupted market order and damaged shareholder value. »
Finally, Bang Si Hyuk said he felt sorry for artists and fans.
“When we started this we thought about a brighter future for artists and fans, but as management we regret not being able to do that in the process. I was so sorry that I disturbed the fans and artists so much that I couldn’t sleep at night. »
Separately, HYBE announced earlier this week that it was dropping its bid to acquire SM Entertainment after a discussion with Kakao in which the two companies reached an agreement to “collaborate on issues related to their platforms.”
