Kakao Entertainment denies reports about acquiring Lee Soo Man’s shares in SM Entertainment

Following the ongoing rumors about Kakao Entertainment acquiring SM Entertainment, a spokesperson from Kakao clarified and denied the reports of the potential acquisition.

According to Korean tabloid Soompi, last year, it was reported that HYBE, CJ ENM, and Kakao were all competing to acquire Lee Soo Man’s stake in SM, with HYBE’s offer said to have been rejected. However, that same morning, Kakao officially clarified that nothing yet had been decided.

A spokesperson for the company stated, “In order to strengthen the competitiveness of our global content business, we have been consistently reviewing a wide variety of possible measures, including partnerships and equity investment, but at the moment, nothing concrete has yet been decided.”

Previously, it was reported that SM Entertainment's founder and head producer Lee Soo Man has put up approximately 18.7% of his shares in SM Entertainment for sale and on March 11, a Korean media outlet reported that Kakao had agreed to purchase those shares in the company and has offered Lee Soo Man up to 1 trillion KRW (over Rs. 6100 crores) for the acquisition, the largest percentage of shares owned in SM Entertainment.

Back in October, SM Entertainment shut down rumors that CJ ENM’s acquisition of Lee Soo Man’s shares had been finalized, stating, “We are currently in discussions with a number of companies regarding multiple possible angles.” CJ ENM similarly responded, “While we are currently reviewing a diverse array of methods for the growth of our music business, nothing has been finalized.”

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source https://www.bollywoodhungama.com/news/bollywood/kakao-entertainment-denies-reports-acquiring-lee-soo-mans-shares-sm-entertainment/

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