HYBE to acquire shares worth $335 million in SM Entertainment

SM Entertainment Co

09/02/2023 22:53

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 comes just days after Kakao Corp  035720.KS  said
it would acquire a 9.05% stake in SM Entertainment to purse
joint projects including global K-pop auditions.
($1 = 1,264.5200 won)
 (Reporting by Hyunsu Yim
Editing by Chris Reese)
 ((Hyunsu.Yim@thomsonreuters.com;))