HYBE Turns Focus To U.S. Market After Withdrawing Bid For SM Entertainment

📆 3/16/2023 5:29 AM
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Korea’s HYBE, which manages K-pop band BTS, says it’s planning a series of acquisitions and investments in the U.S. entertainment market this year, after withdrawing from a heated battle with inter…

HYBE founder and chairman Bang Si-hyuk said the company will announce a “substantial number of acquisitions and investments within this year as part of our efforts to widen our presence in the U.S.”

HYBE announced on March 12 that it was pulling out of its takeover bid for SM Entertainment after “observing that the market has been showing signs of overheating due to competition with both Kakao andA few days previously, Kakao had made an offer close to $1BN to acquire up to 35% of SM Entertainment and prevent HYBE from taking control.

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