Activist investor triggers real-life K-pop industry drama

  • 📰 staronline
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 75%

Business News News

Business Business Latest News,Business Business Headlines

Bitter boardroom battles, expensive lawyers, hostile takeover claims and high-stakes shareholder meetings. It sounds like something out of a K-drama, but this is 100% real life.

Except this is playing out in real life as the godfather of K-pop fights his nephew for control of the music company he founded.

The 36-year-old self-made investor, who was raised by a single mum and first shot to public attention by winning a popular South Korean TV quiz show, started asking uncomfortable questions. 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.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in BUSİNESS

Business Business Latest News, Business Business Headlines