SM Entertainment: Last News

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SM Entertainment releases statement in support of Kakao’s tender offer
K-pop agency SM Entertainment has released a statement in support of internet giant Kakao’s tender offer to buy a large stake in the company.Yesterday (April 7), Kakao – which currently holds 4.9 per cent of the SM Entertainment – announced a tender offer to buy up to 35 per cent of the company for ₩150,000 per share. If successful, this bid would make Kakao the largest shareholder of the K-pop agency, over BTS label HYBE, which has acquired nearly 16 per cent of SM.Soon after Kakao’s announcement, SM Entertainment released a statement signalling support for the deal, citing “[Kakao’s] respect [for] the current management’s efforts to address factors that have hindered SM Entertainment’s growth”, according to CNN.In the statement, SM Entertainment also said that the Kakao deal would “ensure autonomous and independent management of the company, as well as the continuous and independent activities of SM artists”, per Yonhap News Agency.“Unlike HYBE seeking to take over SM’s board of directors through a hostile merger and acquisition, Kakao is the best horizontal and strategic partner for the successful implementation of the ‘SM 3.0’ vision as it respects SM’s own tradition and identity,” the statement reportedly said.Following Kakao’s tender offer yesterday, shares of SM Entertainment jumped 15.07 per cent to close at ₩149,700.
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SM Entertainment CFO explains leadership’s opposition to HYBE’s “hostile takeover” of the K-pop agency
SM Entertainment has released a video of its CFO Jang Cheol-hyuk explaining company leadership’s opposition to HYBE’s recent acquisition of a controlling stake in the K-pop agency.On February 20, a video titled “The reason why SM is against HYBE’s hostile takeover” was published on the agency’s official SMTOWN YouTube account, which usually only releases content for its artists. In the clip, Jang directly addressed fans of SM’s artists and its shareholders, outlining the agency’s view on HYBE’s recent acquisition and what it sees as potential consequences of the merger.In the video, Jang claimed that HYBE did not request due diligence material from SM Entertainment during the merger and acquisition disclosure process despite the large scale of the deal – a 1trillion won investment on HYBE’s part, which would require the agency to take a short-term loan in order to finance it, according to HYBE’s regulatory filing on February 10.Jang then raised this as an indication that HYBE’s corporate governance is “far from sound or rational”, claiming that SM Entertainment would “inevitably” be subject to this “weak governance” should HYBE take over the company, to the detriment of SM’s shareholders and artists.Jang also claimed that the values and interests of SM’s shareholders would likely not be prioritised in the event that HYBE successfully dominates its board of directors, and alleged that a takeover by HYBE would lead to the de-prioritisation of SM artists and their music releases due to HYBE’s roster already being “saturated” with artists from its existing subsidiaries.

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