SEOUL: South Korean K-pop pioneer SM Entertainment is poised to fall under the grip of social media giant Kakao after HYBE, the agency representing boy band BTS, on Sunday (Mar 12) dropped
SM, founded in 1995 by South Korean folk song singer Lee Soo-man with just 50 million won of capital, was the K-pop industry's trailblazer, preceding two rival agencies - JYP Entertainment and YG Entertainment - that sprang up in later years.
After BoA's achievement in Japan, other South Korean pop groups began overseas activities in earnest, starting in Asia and later expanding to the US and Western Europe. He instead exerted his influence through a private company that he set up to help the industry's global expansion and offer management and training services.
The nephew, 43, a 17-year-veteran of SM, said he had informed Lee on Jan 17 that from now on he would make decisions as CEO rather than serving as a"rubber stamp".In a bid to weaken the founder's influence, SM's management announced a US$173 million share sale deal with Kakao last month that would make the tech group second-biggest shareholder after Lee, who remained the largest with an 18 per cent stake.
Kakao, which owns about 5 per cent of SM, upped the ante this month, launching a tender offer at a higher price to acquire up to 35 per cent for 1.25 trillion won .
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