SM Entertainment comments on the exit from HYBE for the agency takeover Soompi
SM Entertainment pris la parole.
On March 12th, we learned that HYBE was withdrawing from the SM Entertainment buyout battle.
As a result, Kakao stated that the company would grant autonomy and independence to SM without interfering with the agency. Rather, this statement proved that Kakao would thereby become the controlling shareholder of SM Entertainment.
The media is actually reporting that cocoa will buy SM Entertainment by becoming the agency’s majority shareholder thanks to its 35% stake acquired following its bid a few days ago.
Following HYBE’s decision to withdraw, SM Entertainment released a statement stating:
“SM Entertainment will respect HYBE’s decision to halt the acquisition of SM, as agreed between Kakao and HYBE.
SM will use this agreement as an opportunity to accelerate our “SM 3.0” strategy, which we have promised to our shareholders, corporate members, fans and artists; and we will ensure that we achieve our vision for the future by taking a leap forward as a global entertainment company focused on its fans and its shareholders. In this way, we are increasing the value of our company for all shareholders and are continuously expanding our shareholder return policy.
Kakao said in a statement today, “SM Entertainment’s greatest strength and asset is its employees, artists and fans; To respect that, we will maintain the agency’s autonomous and independent operations without interference and help SM accelerate its global growth, focusing on the strategic direction in place today and supporting the company’s vision for the future, including “SM 3.0”. The “SM 3.0 Board of Directors” to be unveiled at the next shareholders’ meeting on March 31 will create the world’s largest “IP x IT” synergy with Kakao, the optimal strategic partner, and the “Next Level” of the k-pop industry.
We would like to express our deepest gratitude to the shareholders, fans, employees, artists and everyone who has invested in this cause and supported SM Entertainment to the end, even amid the unexpected confusion that followed the announcement of our “SM 3.0” strategy on February 3rd. »