Hybe Corp., the talent powerhouse behind K-pop sensation BTS, said on Friday that it will sell its share stake in agency rival SM Entertainment. The move would finalize Hybe’s admission of defeat i…
In Friday’s regulatory filing, Hybe made it clear that it will now accept Kakao’s tender offer and sell its 3.75 million shares in SM, representing a 15.8% stake, for $437 million .
Korean business media report that it is unlikely that all the shares being sold will go to Kakao, as that would take Kakao beyond the 35% sought in its offer. Excess shares would likely have to be sold via the stock market. A three-party deal hammered out before Hybe’s public climb-down, saw Kakao gain management control of SM. At the same time, however, Hybe secured an agreement that SM would cooperate with Hybe’s powerful online fandom business.. Kakao Entertainment is already owner of Melon, Korea’s leading music streamer.
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