South Korea's HYBE to sell its stake in SM Entertainment

SM Entertainment Co

24/03/2023 01:42

SEOUL, March 24 (Reuters) - South Korean music label
HYBE, which manages K-pop group BTS, will sell its 15.78% stake
in rival SM Entertainment, the company said in a regulatory
filing on Friday.
    HYBE said the decision comes after dropping its bid to
acquire SM's management's rights earlier this month.

 (Reporting by Hyunsu Yim; Editing by Jacqueline Wong)
 ((Hyunsu.Yim@thomsonreuters.com;))