Sarah
02-22-2023, 11:14 AM
Hybe, the South Korean entertainment company behind K-pop sensation BTS, said Wednesday that it has completed its acquisition of a 14.8% stake in rival SM Entertainment, making it SM’s largest single shareholder. The acquisition was finalized even as SM Entertainment accused Hybe staging a hostile takeover to control the firm by purchasing shares from Lee Soo-man, SM’s founder. Lee's influence in the firm has waned after an activist fund successfully campaigned for stricter oversight of its corporate governance.
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