South Korean internet company Kakao has become the largest shareholder of SM Entertainment, winning a battle for control of one of the country’s most iconic music agencies
. Kakao and its entertainment unit have increased their stake in SM to 39.9%, they said in a Tuesday regulatory filing. Previously, the firm had held 4.9% of SM. Kakao purchased the additional shares for about 1.25 trillion Korean won through a tender offer launched earlier this month. In securing a controlling stake, Kakao has seen off rival
said it had sold some of its SM shares to Kakao, reducing its stake to 8.8%. Kakao CEO Hong Eun-taek acknowledged the acquisition, telling shareholders Tuesday that the companies would work to combine the strengths of Kakao’s tech expertise and SM’s intellectual property and production skills “to expand our collective growth.
for 422.8 billion Korean won in February, giving the agency a 14.8% stake.
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