SM Entertainment’s highly anticipated new boy group is gearing up for their debut!
EXO’s Sehun’s agency SM Entertainment has released a stern warning against false rumors.
It has been reported on March 24 KST that HYBE Labels has officially sold off 19.43% of SM Entertainment's shares to Kakao at 564 billion KRW (~ $437 million USD), participating in Kakao's public takeover bid.
HYBE has announced that it “will discontinue the acquisition process of SM Entertainment.”
Previously on March 3, the Seoul Civil Court declared that SM Entertainment's attempt to issue new shares to Kakao without the approval of the company's largest shareholder, Lee Soo Man, was unlawful.
SM artists are becoming more concerned about their future as the dispute over operation rights between SM's current management and HYBE continues.
On February 17 KST, 'Dispatch' accused Lee Soo Man of embezzlement, manipulation, and unethical profiting.
On February 16, industry insiders shared that Lee Soo Man expressed his sadness over SM Entertainment's CEO, Lee Sung Soo's YouTube video statement.
SM Entertainment's current CEO Lee Sung Soo has made several radical claims against SM Entertainment's founder and former head producer, Lee Soo Man. Lee Sung Soo is also Lee Soo Man's nephew.
There has been much commotion in the Korean entertainment industry, with HYBE acquiring 14.8% of SM Entertainment.
It is probable that Min Hee Jin and Bang Si Hyuk will assume new director positions at SM.