The billionaire mastermind behind some of the world’s biggest K-pop stars is pushing back on accusations that he’s trying to monopolize the Korean music industry. Bang Si-Hyuk, chairman of
later said it would seek to raise its overall holding to 40%, kicking off a shockingly public spat with the leadership of SM. The corporate mudslinging between the titans of K-pop has dominated headlines in South Korea. Last month, Chief Financial Officer Cheol Hyuk Jang released a 15-minute video on YouTube, titled “The reason why SM is against
combined, it’s very difficult for us to monopolize the market,” he added. is attempting today.” Gaining control? SM also reiterated its view that despite Bang’s assurances, had offered investors, suggesting the latter had “failed to acquire” the additional 25% stake, he told CNN. The offer was at 120,000 Korean won per share and ended on Wednesday. Official results are expected next week.
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