Activist investor triggers real-life K-pop industry drama

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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.

 

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