SM Entertainment rallies on reports that CJ, others are in talks to buy stake

CJ ENM

03/08/2021 01:55

** Shares of SM Entertainment Co Ltd  041510.KQ  rise as
much as 7.3% to hit a one-week high of 64,600 won ($56.20)
    ** Analysts attribute the jump to a report that South
Korea's CJ Group is interested in buying stake in SM
Entertainment, which belongs to SME's founder 
    ** Kakao Entertainment, the online comic, talent agency and
movie-making unit of South Korean tech giant Kakao Corp
 035720.KS , and Hybe Co Ltd  352820.KS , the management label
behind K-pop band BTS, have also shown interest in buying SME's
stake, South Korean broadcaster Korea Economic Daily TV reports 
    ** Last month, in response to reports that Naver Corp
 035420.KS  and Kakao Entertainment are interested in taking
stake, SME said it was discussing business collaborations and
equity investments, but nothing had not been decided yet
    ** The junior KOSDAQ market  .KQ11  was trading up 0.2% as
of 0028 GMT 
    
    ($1 = 1,149.4100 won)

 (Reporting by Heekyong Yang)