South Korean media outlet Chosun Ilbo reported that Hybe — which manages K-pop sensation BTS — intends to make the transaction a block deal of 750,000 shares.
Shares of two of South Korea's largest K-pop companies fell on Tuesday after industry giant Hybe is said to be pushing for a $50 million sale of its stake in SM Entertainment.Kospi-listed Hybe's stock slid as much as 2.4%, while SM Entertainment — which is listed on the Kosdaq —saw its shares plunge as much as 5.74%.
This means the total transaction value would come up to about 68 billion won, or about $50 million. Before the transaction, Hybe held a 12.45% stake in SM.In February last year, Hybe lost a takeover bid of SM to South Korean social media giant Kakao, which currently holds about 40% of the company.
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Top K-pop stocks fall after reports that Hybe may sell $50 million stake in SM EntertainmentStocks of Hybe — which manages K-pop sensation BTS — stock slid as much as 2.4%, while SM Entertainment saw its shares plunge as much as 5.74% on Tuesday.
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