The exterior of K-pop giant Hybe’s headquarters in Seoul. (Image courtesy of Yonhap)
SEOUL, May 27 (Korea Bizwire) – K-pop powerhouse Hybe said Tuesday it will sell its entire stake in rival SM Entertainment to China’s Tencent for 200 billion won (US$145.5 million).
In a regulatory filing, Hybe said it will dispose of 2,212,237 shares of SM Entertainment, which represents a 9.38 percent stake in the company.
The shares will be sold at 110,000 won each, totaling about 243.3 billion won for the full transaction.
The sale is scheduled to be completed Friday after the market closes through an after-hours block trade.
Hybe acquired the stake in 2023 during a high-profile battle to take over SM Entertainment’s management rights.
“We divested non-core assets as part of a choice and concentration strategy,” the company said. “Secured funds will be used to secure future growth engines,” it added.
(Yonhap)
