ICYMI. HYBE, the agency that manages K-pop mega band BTS, said it will buy shares worth 423 billion won in rival SM Entertainment, seeking management rights to strengthen its position in the K-pop industry and becoming SM's largest shareholder.
SEOUL, South Korea – South Korean entertainment company HYBE said on Friday, February 10 it will buy shares worth 423 billion won in rival SM Entertainment, seeking management rights to strengthen its position in the K-pop industry.
“HYBE fully agrees with former Chief Producer Lee’s strategic initiatives including metaverse, a multi-label system, and the sustainable vision campaign,” said HYBE Chairman Bang Si-Hyuk. HYBE has also tendered an offer on Friday for SM shares held by minority shareholders, seeking to buy up to 25% of the rival agency with the intention of acquiring management rights.
But all seven BTS members are expected to begin their military service over the next couple of years, starting with Jin, the group’s oldest member who joined the military in December. The septet is set to return in full only in 2025.
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