Entertainment

Kakao Entertainment denies reports about acquiring Lee Soo Man’s shares in SM Entertainment

Kakao Entertainment denies reports about acquiring Lee Soo Man’s shares in SM Entertainment

Following the continued rumors about Kakao Entertainment buying SM Entertainment, a spokesperson from Kakao clarified and denied the stories of the potential acquisition.

Kakao Entertainment denies stories about buying Lee Soo Man’s shares in SM Entertainment

According to Korean tabloid Soompi, final 12 months, it was reported that HYBE, CJ ENM, and Kakao had been all competing to amass Lee Soo Man’s stake in SM, with HYBE’s provide stated to have been rejected. However, that very same morning, Kakao formally clarified that nothing but had been determined.

A spokesperson for the corporate acknowledged, “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.”

Previously, it was reported that SM Entertainment’s founder and head producer Lee Soo Man has put up roughly 18.7% of his shares in SM Entertainment on the market and on March 11, a Korean media outlet reported that Kakao had agreed to buy these shares within the firm and has supplied Lee Soo Man as much as 1 trillion KRW (over Rs. 6100 crores) for the acquisition, the most important proportion of shares owned in SM Entertainment.

Back in October, SM Entertainment shut down rumors that CJ ENM’s acquisition of Lee Soo Man’s shares had been finalized, stating, “We are currently in discussions with a number of companies regarding multiple possible angles.” CJ ENM equally responded, “While we are currently reviewing a diverse array of methods for the growth of our music business, nothing has been finalized.”

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