Did Kakao Acquire Lee Soo Man’s SM Entertainment Stakes? The Internet Company Addresses Reports!
Just recently, Kakao has addressed reports of the company acquiring Lee Soo Man's shares in the 'big 3' K-pop company SM Entertainment.
READ: Lee Soo Man & SM Entertainment Make A Sizeable Donation To Wildfire Victims In Uljin!
Previously in October, SM Entertainment addressed rumors that CJ ENM's acquired Lee Soo Man's SM Entertainment shares. SM Entertainment noted, "We are currently in discussions with a number of companies regarding multiple possible angles."
Following this CJ ENM went on to respond by saying that at the time they were reviewing a diverse array of methods for the growth of our music business, nothing has been finalized.
On the 11th of March, media sources announced that Kakao agreed to purchase the entirety of SM Entertainment founder Lee Soo Man's stake in SM Entertainment. At present, Lee Soo Man holds 18.73% of SM Entertainment shares.
READ: Red Velvet, NCT Dream, & More, SM Entertainment's Comeback & Debut Schedule This 2022 So Far!
Furthermore, Lee Soo Man is SM Entertainment's largest shareholder and it is assumed that whoever takes Lee Soo Man's shares will be taking over the management rights of SM Entertainment.
In 2021, it was reported that HYBE, CJ ENM, and Kakao competing to get a hold of Lee Soo Man's shares in SM Entertainment. But HYBE's offer was ultimately rejected. In the same morning though, Kakao clarified that nothing had been decided regarding a potential acquisition.
Adding to this, an insider for Kakao revealed, "In order to strengthen the competitiveness of our global content business, we have been consistently reviewing a wide variety of possible measures, including partnerships and equity investment, but at the moment, nothing concrete has yet been decided."
READ: SM Entertainment & Its Acquisition Plan: Kakao, CJ, & HYBE Showing Interest In The Agency!
Stay tuned for more news and updates regarding SM Entertainment!
