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

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It is the kind of K-drama that rivets millions of viewers—bitter boardroom battles and hostile takeover claims. Except it's playing out in real life as the godfather of K-pop fights his nephew for control of the music company he founded. | AFP

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“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.

 

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