“HYBE became a behemoth but its weakness was not having legacy. SM is a company that existed throughout K-pop’s history and will bring heritage to HYBE.'
said on Friday it will buy shares worth 423 billion won in rival SM EntertainmentThe move will make HYBE the largest shareholder of SM Entertainment as it takes over a 14.8% share in its rival purchased from an 18.4% stake held by the previous largest shareholder and SM founder, Lee Soo-man, it said in a statement.
HYBE is the agency that manages K-pop mega band BTS. SM is home to other popular K-pop acts including NCT and Aespa. The South Korean pop music industry was dominated for years by three major companies – SM, JYP and YG Entertainment – until the K-pop boy band BTS rose to international fame, making HYBE bigger than the other three.
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