SEOUL, Feb. 23 (Korea Bizwire) — SM Entertainment, a K-pop powerhouse, said Thursday it will inject 1 trillion won (US$767.8 million) into programs to facilitate its artists’ advance into the global market and build a unified K-pop fan platform. The plan was included in the global expansion and investment strategy announced by the company on [...]
SEOUL, Feb. 23 (Korea Bizwire) — SM Entertainment has agreed to give Kakao Entertainment, a subsidiary of technology firm Kakao Corp., exclusive rights to circulate its albums and music as part of its alliance with the tech giant against rival K-pop company Hybe’s takeover bid, music industry sources and investment banks said Thursday. They said [...]
SEOUL, Feb. 22 (Korea Bizwire) — Hybe, the K-pop company behind boy group BTS, said Wednesday it has acquired a 14.8 percent stake in its industry rival SM Entertainment to become its largest shareholder. Hybe said in a regulatory filing that it has paid for the purchase earlier than scheduled. On Feb. 10, the companyagreed [...]
SEOUL, Feb. 21 (Korea Bizwire) — SM Entertainment, a K-pop powerhouse, said Tuesday it will achieve 1.2 trillion won (US$92.6 million) in sales by 2025 and operating profit margin of 35 percent, releasing a detailed strategy to carry out the business blueprint announced earlier this month. The plan was included in the company’s second strategy [...]
SEOUL, Feb. 18 (Korea Bizwire) — Hybe, the K-pop powerhouse that is trying to become the largest shareholder of its rival SM Entertainment, once again tried to dispel concerns over suspected offshore tax evasion by SM founder Lee Soo-man on Friday, calling it “a scenario that can never occur.” On Thursday, SM’s co-CEO Lee Sung-soo [...]
SEOUL, Feb. 16 (Korea Bizwire) — SM Entertainment’s management on Thursday raised a suspicion that the company’s founder and former chief producer, Lee Soo-man, might have evaded taxes through his overseas private company as the management dispute between the two sides deepened. The K-pop company’s co-CEO Lee Sung-soo claimed in a YouTube video that Lee [...]
SEOUL, Feb. 14 (Korea Bizwire) — Park Ji-won, CEO of local K-pop powerhouse Hybe, has said his company will ensure the independence of its rival SM Entertainment even after becoming its top shareholder and that SM founder Lee Soo-man will stay away from management, according to sources in the music industry. Park made the remarks [...]
SEOUL, Feb. 10 (Korea Bizwire) – Hybe, the Korean entertainment agency behind supergroup BTS, said Friday it will acquire a 14.8 percent stake in its rival K-pop agency SM Entertainment to become its largest shareholder, a deal expected to have deep repercussions on the K-pop industry. Hybe said in a regulatory filing that it has [...]
SEOUL, Feb. 7 (Korea Bizwire) — Kakao Corp., the operator of South Korea’s biggest mobile messenger KakaoTalk, said Tuesday that it has acquired a 9.05 percent stake in the K-pop powerhouse SM Entertainment Co. as part of its strategy to strengthen its entertainment business. The company purchased 1.23 million shares for 217.2 billion won (US$173 [...]
SEOUL, Feb. 3 (Korea Bizwire) — SM Entertainment will introduce multiple music production lines, veering from the existing system of relying solely on its founder and chief producer Lee Soo-man‘s capabilities, to enhance the company’s business competitiveness, the K-pop powerhouse said Friday. SM’s co-CEOs Lee Sung-soo and Tak Young-jun unveiled the plan on the company’s [...]