BTS agency HYBE to become largest shareholder of K-pop rival SM Entertainment (updated)

SM Entertainment Co

10/02/2023 24:30

(Adds share moves, details)
       SEOUL, Feb 10 (Reuters) - South Korean entertainment
company HYBE  352820.KS  said on Friday it will acquire shares
worth 423 billion won ($334.51 million) in its rival SM
Entertainment  041510.KQ  to strengthen its position in the
K-pop industry.
    The move makes HYBE the largest shareholder of SM
Entertainment, owning a 14.8% stake. 
    HYBE and SM Entertainment shares were up 4% and 14%,
respectively, as the market opened following the announcement.
    HYBE is the agency that manages K-pop mega band BTS.
    Earlier this week, South Korean tech firm Kakao Corp
 035720.KS  said it would acquire a 9.05% stake in SM
Entertainment to pursue joint projects including global K-pop
auditions.
 ($1 = 1,264.5200 won)
 (Reporting by Hyunsu Yim; Editing by Himani Sarkar)
 ((Hyunsu.Yim@thomsonreuters.com;))