BTS agency HYBE becomes biggest shareholder of K-pop industry rival SM

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SEOUL: K-pop supergroup BTS' management agency HYBE said on Wednesday (Feb 22) it had become the biggest shareholder of embattled rival SM Entertainment, whose founder has been mired in an ugly power struggle within his company. SM was founded by Lee Soo-man, who is widely referred to as 'the

SEOUL: K-pop supergroup BTS' management agency HYBE said on Wednesday it had become the biggest shareholder of embattled rival SM Entertainment, whose founder has been mired in an ugly power struggle within his company.

But hints of a power struggle eked out when SM's co-CEOs - including Lee's nephew Lee Sung-soo - announced new plans for the company that notably excluded him. HYBE had also offered to purchase a further 25 per cent of the company from other shareholders - an announcement met with fierce opposition from SM's co-CEOs and executives, who accused the entertainment giant of a"hostile takeover".

"We express our regret for causing concern to SM artists," Park said, adding:"As HYBE respects and cares for our own artists, we will respect and care for SM artists."

 

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