Patrick Frater Asia Bureau Chief Hybe Corp., the talent powerhouse behind K-pop sensation BTS, said on Friday that it will sell its share stake in agency rival SM Entertainment.
The move would finalize Hybe’s admission of defeat in a dramatic takeover battle in which it was out-gunned by Korean tech leader Kakao Corp.
Hybe initially bought a 14.8% stake in SM in February from SM’s founder and K-pop pioneer Lee Soo-man. Hybe expected to be able to buy the remaining 3% tranche held by Lee according to agreed conditions and then launched an open offer to other shareholders to buy a further 15%.
But SM’s management opposed Hybe’s quasi-takeover and harnessed Kakao and its subsidiary Kakao Entertainment with a range of measures.
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