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JAKARTA - HYBE CEO guarantees SM Entertainment's independence after the company became the largest shareholder. Last week, HYBE announced its share acquisition of 3.5 million shares from its founder, Lee Soo Man and acquired 14.8 percent of shares.

HYBE also plans to buy a few percent stake from minority holders. However, CEO Park Ji Won revealed that SM Entertainment can maintain independence after being acquired by HYBE.

We respect SM's legacy. We will ensure the independence of SM. HYBE has proven the value of its multi-label system," Park Ji Won quoted Yonhap News Agency as saying on Monday, February 13.

HYBE houses several music labels namely Big Hit Music, ADOR, Pledis Entertainment, and Source Music where the last two labels are the result of HYBE acquisitions. Therefore, HYBE is home to artists such as BTS, TXT, SEVENTEEN, LE SSERAFIM, NewJeans, and others.

According to industry insider, HYBE's move helped SM to expand. Lee Soo Man also agreed to HYE to buy shares and not participate in production, management, or royalties.

The regulator is reviewing the HYBE and SM agreements that have never reached a scale like this.

"Although there is an acquisition agreement from a small and medium agency, the agreement on this scale is the first. When the merger was merged, we looked at various business aspects including management, recording sales, streaming, touring, and merchandise," said Im Young Kwang of the Korea Fair Trade Commission.

A few days before the acquisition, tech company Kakao announced it would acquire 9.05 percent of SM Entertainment's shares. This makes them the biggest shareholder after Lee Soo Man.

In his response, Lee Soo Man considered Kakao's actions legal because they did not get approval from him. Lee Soo Man then asked HYBE to acquire his shares and make HYBE the largest shareholder.


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