HYBE seals SM Entertainment deal: Bang Si Hyuk’s label acquires Lee Soo Man’s remaining shares for 78.1 million USD

HYBE Company has recently confirmed its acquisition of 868,948 shares of SM Leisure from Lee Soo Man, amounting to approximately 78.1 million USD. This strategic pass follows their earlier aquire of a 14.8% stake in SM Leisure and fulfills the phrases of the contract with regards to Lee Soo Man’s stock aquire rights. The deal is made up our minds to finalize on March 7, solidifying HYBE’s 12.6% possession within the prominent Ample-Pop note.

Bang Si Hyuk’s HYBE locks deal on 12.6% possession of Lee Soo Man’s SM Leisure

On February 28, HYBE Company, the South Korean entertainment conglomerate, launched a fundamental pass within the Ample-Pop industry. The company printed plans to contrivance an additional 869,948 shares of SM Leisure stocks for a staggering 104.3 billion KRW (approximately 78.2 million USD). This strategic pass comes as a convention-up to HYBE’s earlier acquisition of a 14.8% stake in SM Leisure in early 2023, all thru a excessive-stakes bidding battle in opposition to Kakao.

The sizzling acquisition stems from Lee Soo Man’s decision to exercise his stock aquire rights, with HYBE nice its contractual duty. Notably, the deal entails shopping shares at 120,000 KRW per fragment, a note very much elevated than the sleek market rate of 79,500 KRW per fragment.

Following this transaction, HYBE is made up our minds to protect up a 12.6% stake in SM Leisure, solidifying its affect within the Ample-Pop industry. The acquisition, totaling 868,948 shares, marks the completion of Lee Soo Man’s divestment from SM Leisure, as he sells off his glorious shares to HYBE.

Speculation has arisen about capacity motives on the aid of this acquisition, with rumors suggesting that Lee Soo Man and HYBE could seemingly well very well be fervent in reacquiring SM Leisure amid reported tensions between the entertainment note and its greatest shareholder, Kakao. The finalization of the acquisition is scheduled for March 7, in conjunction with one other chapter to the evolving dynamics of the Ample-Pop enterprise landscape.

About Bang Si Hyuk

Bang Si Hyuk, professionally is belief as Hitman Bang, is a prominent figure within the South Korean entertainment industry. Born on August 9, 1972, he’s the founder of BIGHIT MUSIC (previously Tall Hit Leisure) and HYBE Company, serving as the chairman of the latter. As one of many wealthiest people in South Korea, Mr. Bang’s estimated catch rate reached 3.2 billion USD as of July 2021. With a background in tune composition, he co-wrote songs for a quantity of artists sooner than establishing Tall Hit Leisure in 2005. His pivotal goal in nurturing BTS contributed very much to his success, making him a key player within the realm tune scene.

About Lee Soo Man

Lee Soo Man, born on June 18, 1952, is a South Korean enterprise govt and yarn producer distinguished as the founder of SM Leisure, a leading multinational entertainment company in Seoul. Initiating his profession as a singer in 1971, Mr. Lee’s musical streak included stints in bands admire April and Can also. In 1989, he established SM Leisure, evolving it accurate into a powerhouse with a holistic technique to artist pattern. Lee Soo Man’s imaginative and prescient reshaped the Korean pop tune industry. Despite resigning from SM’s board in 2010, he maintained affect thru his production company. In 2022, amid corporate disputes, Lee Soo Man sold his stake to Hybe Company, subsequently establishing Exquisite Grace.

Pause updated with potentially the most up-to-date Hallyu news on: Instagram, YouTube, Twitter, Facebook, and Snapchat