K-pop: HYBE yields to Kakao in fight for SM Entertainment
HYBE Co Ltd., the management agency for K-pop supergroup BTS, said on Sunday it will halt its efforts to acquire rival SM Entertainment as competition has led to an overheated market.
The announcement ends a weeks-long dispute with internet giant Kakao over management rights to the company.
“In light of recent events, HYBE has discussed the matter with Kakao and reached an agreement to suspend the process of acquiring SM’s management rights,” the agency said in a statement.
Meanwhile, Kakao said it “will continue its public offering until the 26th to secure additional participation and work out the details of business cooperation between HYBE and SM.”
SM Entertainment – South Korea’s second-biggest entertainment group after HYBE – will now come under the control of the tech conglomerate that owns messaging app KakaoTalk.
Source: DW
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