SM Entertainment confirms its partnership with Kakao
little entertainment confirmed its partnership with cocoa and will proceed with their SM 3.0 plan.
In a statement to various media outlets including Out popSM Entertainment has confirmed that they will be working with Kakao and moving forward with their previously outlined SM 3.0 plan.
SM Entertainment will honor HYBE’s and Kakao’s agreement that HYBE ceases its attempt to acquire management rights from SM Entertainment.
With this agreement, SM will accelerate its SM 3.0 strategy, which we have promised to shareholders, partners, fans and artists to achieve our future vision of becoming a global entertainment company focused on our fans and our shareholders. This will enable us to further expand our corporate values and stakeholder returns for all shareholders.
In a statement today, Kakao said they will ensure self-sustaining and independent operations to ensure SM respects SM Entertainment’s strongest assets and driving forces, namely its leaders, artists and fanbase. Kakao will help accelerate the company’s global growth with a focus on future vision and strategic direction, including the plan for SM 3.0 presented by current management. Newly launched at the upcoming AGM on March 31st, the SM 3.0 board will create the world’s best “IP x IT” synergy with Kakao and open the “Next Level” of the K-Pop industry.
We would like to express our deepest gratitude to SM shareholders, fans, staff, artists and everyone involved who have encouraged and supported SM Entertainment despite the unexpected confusion since the announcement of SM 3.0 on February 3rd.
– SM entertainment
This was previously announced EMOTIONAL would drop out of the race to acquire SM Entertainment after participating in negotiations with HYBE.
Kakao acquires SM Entertainment: HYBE instead pursues a business partnership with the platform