SEOUL, March 12 — K-pop supergroup BTS’ management agency Hybe said today it will discontinue its acquisition process of rival SM Entertainment, ending a weeks-long fight for management rights over the company.
“In light of recent developments, Hybe discussed the matters with Kakao and reached an agreement to suspend the process of acquiring SM’s management rights,” the agency said in a statement. “Concurrently, the two companies agreed to cooperate on matters related to their platforms,” the company said. SM was founded by Lee Soo-man, who is widely referred to as “the godfather of K-pop” and credited for producing key figures in an earlier generation of artists such as BoA, Girls’ Generation and TVXQ, which paved the way for the industry’s current success.