SM Entertainment is seriously discussing the company’s acquisition with a number of entertainment moguls, and CJ ENM and Kakao Entertainment are reportedly the frontrunners, but HYBE Labels is still in the competition.
Đang xem: Sm entertainment
The South Korean Entertainment companies have witnessed a shape-shifting paradigm over the last two years with HYBE attaining YG shares, Naver Vlive merging with Weverse and more. SM Entertainment, deemed as one of the big three of K-pop, remain among the most sought after labels thanks to its constant appeal to the global audience.
An exclusive report from Hankook Kyungjae, a Korean media outlet, suggests that Kakao Entertainment is offering as much as ₩2.5 trillion (about $2.17 billion) to acquire SM Ent.
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While Kakao and CJ ENM battle it out to acquire SM Ent, the latest update suggests that HYBE, BTS’s label, is still in the game as they have shown immense interest.
Shockingly, an initial proposal of HYBE Labels was reportedly rejected by Lee Soo Man, the founder of SM Entertainment. Later, an investigative article suggested that Lee Soo Man had to turn down the offer as he intended to be a ‘key figure’ in SME, something that wouldn’t have been possible if HYBE took over.
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Kakao Entertainment, home of K-pop queen IU, is the likeliest entity to take over SM Entertainment thanks to their $2.17 billion offer. Market reports predict the price can potentially go as high as $3.48 billion.
CJ ENM, who produced the recently disbanded group IZ*ONE, is also very keen. The company’s vice-chairman, Miky Lee, wants a meeting with Lee Soo Man so that he can personally persuade him to sell, the article suggested.
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SM Entertainment’s current net worth stands at about $1.2 billion.
The Entertainment mogul, known as one of the crucial figures of establishing K-pop, is the home of fourth-gen superstars NCT and Aespa, third-gen hit groups EXO and Red Velvet, and ever-popular K-pop acts like SHINee, Girls’ Generations, Super Junior, TVXQ, and more.
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