HYBE Corp., the talent firm behind K-pop sensation BTS, has launched a campaign to woo the shareholders of SM Entertainment, the rival Korean talent empire in which it is poised become the largest …
, the rival Korean talent empire in which it is poised become the largest single shareholder.
“HYBE’s campaign is to protect shareholder value from inappropriate actions by the current management at SM. It aims to put an end to an unequal partnership contract with Kakao, unrealistic and unsubstantiated financial projections, and emotional messages that gloss over public opinion, all of which the current SM management initiated,” HYBE said.
Some 208 SM staff signed an open letter in February that labelled Lee’s activities as “illegal tax evasion.” In early February it emerged that Kakao has bought a 9.05% stake in SM, making it the second largest shareholder after HYBE. HYBE has denied that it is mounting a hostile takeover. And Kakao has avoided using the term ‘poison-pill tactics.’
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