SEOUL : K-pop agencies HYBE and Kakao, battling each other to tie up with rival SM Entertainment, are facing the new challenge of a possible review by the South Korean competition regulator should either succeed.Kakao's agreement this month to acquire SM shares as a step towards forming a partnership with
SEOUL : K-pop agencies HYBE and Kakao, battling each other to tie up with rival SM Entertainment, are facing the new challenge of a possible review by the South Korean competition regulator should either succeed.
HYBE has already agreed to buy 14.8 per cent of SM's shares from SM founder Lee Soo-man and is offering to buy a further 25 per cent of the company from other shareholders."When a merger and acquisition takes place, we look at various businesses under these corporations, including management, record sales, streaming, tours and merchandise," Im Kyeong-hwan, the head of the international mergers and acquisitions division at the Korea Fair Trade Commission, told Reuters.
HYBE, manager of boy band BTS, accounted for 51.8 per cent of K-pop record sales in January, according to Hyundai Motors Securities. Shares of SM Entertainment gained 1.13 per cent on Monday, while HYBE's fell 3.23 per cent and Kakao's 4.88 per cent. SM's market capitalisation is 2.76 trillion won .
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