Top K-pop stocks fall after reports that Hybe may sell $50 million stake in SM Entertainment

  • 📰 nbcsandiego
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

Stocks 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.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 524. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: CNBC - 🏆 12. / 72 Read more »