In SM Entertainment activist investor triggers real-life K-pop industry drama

Ogie Diaz reminds Liza Soberano she was shooting two projects when ‘Hello, Love, Goodbye’ was offered

“It didn’t make sense,” Lee Chang-hwan told AFP in a recent interview, saying the money—six percent of publicly listed SM Entertainment’s sales every year—was paid to a private entity called Like Planning, which was entirely owned and controlled by Lee Soo-man. He founded the company in 1989 and took it public in 2000—so he was predictably outraged last year when SM Entertainment’s management, including his nephew, agreed with activist investor Lee Chang-hwan’s assessment and moved to terminate the “unfair” deal with Like Planning.

In a bid to wrest back control, SM’s management brought in South Korea’s Kakao, a sprawling cash-rich tech conglomerate that owns the country’s most popular messaging app. Kakao is now seeking to buy a controlling share of the company to block HYBE.The feud has unleashed a family succession drama, with founder Lee’s nephew, Lee Sung-su, who is the company’s CEO, taking to YouTube to air their dirty laundry.

Lee Soo-man has not responded to his nephew’s allegations, and could not be reached for comment by AFP, but Yonhap reported he has said Lee Sung-su is a “good nephew” and that his “heart aches” due to the feud.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

South Korea companies to pay to resolve forced labor dispute with JapanThe plan faces immediate backlash from some victims and South Korea's main opposition party, who accuse the government of capitulating to Japan link to article: , kyodo_english,YonhapNews What happened? to the $300 million that Japan gave the South Korean gonment vernment for the forced-labor victims? That $300-million payment from Japan should be acknowledged by the South Korean government. link to article: ,reuters,YonhapNews,President_KR hhat happened to the $300 million that Japan gave the South Korean gonment or the forced-labor victims? That $300-million payment from Japan should be acknowledged by the South Korean government. link to article: ,reuters ,YonhapNews,President_KR What happened to the $300 million that Japan gave the South Korean gonment or the forced-labor victims? To prevent any misunderstsnding, that paymrnt should be acknowledged by S. Korean gov't.
Source: rapplerdotcom - 🏆 4. / 86 Read more »