[BREAKING] Bang Si Hyuk's HYBE purchases 14.8% of Lee Soo Man's shares in SM Entertainment for over $334 million
Lee Soo Man and HYBE Labels signed a transfer of shares contract on this day, resulting in HYBE purchasing 14.8% of Lee Soo Man's shares at 422.8 billion KRW . "SM and HYBE have decided to join hands as to push both agencies to the status of game changers within the global popular music industry. Together, we will maximize the global competitiveness of K-Pop and strive toward a future-oriented, lifestyle platform business.
In addition, HYBE Labels emphasized that the company strongly aligned with Lee Soo Man's vision in innovative ideas like the metaverse, sustainability, as well as SM Entertainment's move toward a multi-label structure. "In such a turbulent environment such as the global music market, SM Entertainment was the key agent which revolutionized Korea's music industry and allowed for its sustainable growth.
Lee Soo Man and Bang Si Hyuk, who both graduated from Seoul National University, plan to continue an active partnership in the management and growth of SM Entertainment.
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