South Korean K-pop pioneer SM Entertainment Co Ltd is poised to fall under the grip of social media giant Kakao Corp after HYBE Co Ltd , the agency representing boy band BTS, on Sunday dropped a bid to take control.
SM is home to popular K-pop groups such as Girls' Generation, H.O.T., EXO, Red Velvet, Super Junior, SHINee, NCT Dream and Aespa.
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.its management team, led by Lee's nephew and protege Lee Sung-soo, cut business ties with the founder, citing governance issues and high fees paid to Lee's private company.
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".with Kakao last month that would make the tech group second-biggest shareholder after Lee, who remained the largest with an 18% stake. HYBE launched a public tender offer to buy an additional 25% stake, but got little shareholder support.this month, launching a tender offer at a higher price to acquire up to 35% for 1.25 trillion won .
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