HYBE calls off SM Entertainment takeover bid
K-pop behemoth HYBE says the market has become "overheated" due to competition with South Korean internet giant Kakao
News By James Hanley | 13 March 2023
K-pop behemoth HYBE has abandoned its controversial move to take over rival SM Entertainment. HYBE, which is home to acts including BTS, Tomorrow X Together, NewJeans, LE SSERAFIM and Seventeen, says…
it has taken the decision due to the market “overheating”, amid competition with South Korean internet giant Kakao.
“HYBE assessed that the market situation had overheated due to competition with Kakao and Kakao Entertainment, which could negatively impact HYBE’s shareholders’ rights,” it says in a statement. “The two…
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