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☆ South Korea's largest K-pop agency Hybe accuses sublabel executives of breach of trust
▼ + stars: | 2024-04-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

South Korea's largest entertainment agency Hybe is set to file an official police complaint against executives of its sublabel ADOR on charges of breach of trust and other offenses. The move comes after Hybe, which manages K-pop sensation BTS, opened an audit into ADOR on April 22 over allegations that CEO Min Hee-jin was aiming to take the sublabel independent. Min denied the allegations and accused Hybe of copying the concept of ADOR's girl group, NewJeans, for another girl group under a different Hybe subsidiary. Reports from South Korean media show a screenshot provided by Hybe of a message between Min and ADOR's vice CEO. In the message, the vice CEO outlined various methods to take the label independent, including approaching other investors and convincing Hybe to sell its stake in the sublabel.

Persons: Min Hee, Min, Hybe, auditee Organizations: CNBC, South Locations: ADOR

☆ K-pop stocks have sold off this year, but Goldman sees a turnaround
▼ + stars: | 2024-04-17 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +4 min

Goldman Sachs, however, expressed optimism for the industry in a March 14 report, saying the K-pop sector is "misunderstood." Nonetheless, Goldman Sachs said it sees a "high potential for valuation re-rating," as companies still continue to deliver multi-year earnings growth. Goldman pointed out that Japan's top talent agency Johnny & Associates has been mired in a major scandal, leading to the industry turning more favorable to K-pop artists. In 2023, Kouhaku Uta Gassen, the largest music show in Japan, invited five K-pop artists and two localized groups produced by K-pop companies. It was the first time the show has featured male K-pop artists since 2011 and the largest number of K-pop groups ever featured in its line up.

Persons: Danielle, Hyein, NewJeans, Gary Miller, Goldman Sachs, Karina, Goldman, Kouhaku Uta Gassen Organizations: Park, Filmmagic, JYP, YG Entertainment, SM Entertainment, Hybe, SM, Johnny, Associates Locations: CHICAGO , ILLINOIS, Chicago , Illinois, Japan, U.S

☆ K-Pop's Hybe, behind BTS, acquires Latin music label
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

K-pop boy band BTS' goods are seen on display at a cafe in Seoul, South Korea, June 15, 2022. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Nov 13 (Reuters) - South Korea's largest music label Hybe Co, behind K-Pop supergroup BTS, said on Monday it acquired the music label of Spanish-language media company Exile Content in its first major foray into the Latin music market. Hybe is looking to tap into the rapid growth of the estimated $1.3 billion Latin music market, as it reported a year-on-year growth of 26.4% in 2022 compared to a 9% growth in the global music market according to its statement. K-Pop's biggest global success, BTS, is on temporary break as a group while its members serve out mandatory military service in South Korea. Despite BTS' absence, analysts said K-Pop artists' overall sales volume increased in 2023 compared to the previous year as more bands gained a broader international following.

Persons: Kim Hong, Hybe, Joyce Lee, Sandra Maler Organizations: REUTERS, Rights, America, BTS, Thomson Locations: Seoul, South Korea, Rights SEOUL

☆ Scooter Braun's right-hand man wanted to make Camila Sterling a star. After she died in his hotel room, he wanted the world to forget.
▼ + stars: | 2023-11-08 | by ( Anna Silman | Jack Newsham | ) www.businessinsider.com time to read: +33 min

He also created an LLC under his initials in 2021, seemingly for the sole purpose of releasing Sterling's music. But since Sterling's death, Bolno has worked to distance himself from the tragedy and buff his reputation online. On June 29, 2023, three months after Sterling's death, Ozuna and Andino signed to SB Projects, Scooter Braun's management company. Since Sterling's death, Bolno has appeared to try to distance himself from the tragedy. However, in September, a message from Centeno's email address sent on behalf of Sterling's mother asked Insider to stop reporting on Sterling's death.

Persons: Camila Sterling, David Bolno, Scooter Braun's, Drake, Post, Bolno, Sterling, — who's, Daily Mail —, —, Laura Camila Lozano Sterling, Selena Gomez, Enmanuel Hernández Rodriguez, Rodriguez, it's, Scooter Braun, Taylor Swift, Camila Sterling's, Shaun White, schmoozing, sunning, David Geffen's, he's, Will.i.am, Justin Bieber, hadn't, bigwig, He's, Mariah Carey, Braun, Ariana Grande, Demi Lovato, Scooter, who's, Scooter hasn't, Peter Comisar, Comisar, Michael Tran, Bieber, he'd, David Grutman, LIV, Grutman, she'd, I'm, David, Usher, Sterling's, John Parra, I'd, Nordhia Centeno, Laura Castellanos Torres, Edgar Andino, Andino, Sterling wasn't, Gabby, there's, Sterling texted, Escalade, Cartier Juste, Bruce Lehr, tusi, Fabio Cabrera, Ernesto Rodriguez, Evan Siegfried, Mickey Segal, NKSFB, Nubia Esperanza Sterling Artunduaga, Camila, Rocio Cruz Maldonado, Centeno, Marcie Stefan Organizations: Miami Beach, Daily Mail, Miami Beach Police Department, Puerto, Sterling, Trump, Intracoastal Yacht, Space, Miami Dade College, Puerto Rican, Pump, Miami, DTB Records, Spotify, Records, Temple Law School, Ithaca Holdings, luxe Paramount Miami, Studios, Bay Eight Recording Studios, YouTube, Zero, SB Projects, Paramount Miami Worldcenter, Representatives, Police, Unreal Mobile, Red Pocket, European Business, University of Locations: Post Malone, Miami, Sterling, Latin America, Colombia, Bogotá, American, Puerto Rican, Sunny, Moscow, Sunny Isles, Givenchy, Cuba, Los Angeles, Delaware, Puerto Rico, New York City, Medellín, Ithaca, Korean, Brentwood, North Miami, French Montana, Bolno's, Miami Beach, Jerusalem, Nubia

Built using AI technology, Eternity is one of the latest South Korean acts pushing the boundary between real and virtual entertainment. And she’s a natural-born actress.”Video Ad Feedback Are AI-powered virtual bands the future of K-pop? Using deepfake and motion capture technology, Pulse9 then produced the band’s first music video (to accompany the ironically titled track “I’m Real”) in 2021. Metaverse EntertainmentMetaverse Entertainment used AI technology to generate faces, merging the features and hairstyles deemed most desirable into four final characters. The music video for MAVE’s first single, “Pandora,” has already racked up 25 million views on YouTube since its release in January.

Persons: “, ”, Ji, Zae, Pulse9, Lil Miquela, “ I’m, Lee Soo, Netmarble, Metaverse, Kang Sung, MAVE’s, Pandora, Kang, Siri, ” Kang, ” Eternity's, — they’re Organizations: CNN, Pulse9, YouTube, South, SM Entertainment, Metaverse Entertainment, SM, Kakao Entertainment, Entertainment, Wall Street, Park Locations: “, South Korean, ”, Indonesian

☆ 'I believe in the sector': Investing in K-pop? Bernstein analyst is a fan of this stock
▼ + stars: | 2023-09-27 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

His pick is K-pop agency Hybe, which he's given an outperform rating and a target price of 350,000 South Korean won ($258) — or around 44% upside from Tuesday's close. Hybe's roster of artists includes BTS — one of the biggest South Korean boy bands. "I believe in the sector for the long-term growth and the macro trend," Suh told CNBC's " Street Signs " on Monday. Suh highlighted that Netflix announced in April that it would invest $2.5 billion in South Korean media over the next four years. So this is the reason why the global leading enterprise entertainment players companies try to diversify their IP portfolio to run their business more sustainably."

Persons: Bokyung Suh, Bernstein, Suh, CNBC's, Ted Sarandos, Sarandos, Hybe Organizations: South Korean, Kosdaq, SM Entertainment, JYP Entertainment, YG Entertainment, Disney, Netflix, Spotify, Hybe, BTS, Pledis Entertainment Locations: South Korea, Korean

☆ Troubled World Scout Jamboree bows out with K-pop in Seoul
▼ + stars: | 2023-08-11 | by ( Hyunsu Yim | ) www.reuters.com time to read: +3 min

A couple takes a selfie with the camping site for the 25th World Scout Jamboree in Buan, South Korea, August 4, 2023. REUTERS/Kim Hong-Ji/File PhotoSEOUL, Aug 11 (Reuters) - South Korea hosted a K-pop concert on Friday for thousands of teenage scouts, seeking to salvage national prestige as an ill-fated World Scout Jamboree hit by extreme weather and criticised for poor organisation draws to an end. Around 40,000 people gathered for the concert headlined by NewJeans and IVE at Seoul's World Cup stadium. K-pop agency HYBE and tech group Kakao said they were providing free merchandise for scouts attending Friday's concert. "It is the first time in over 100 years history of World Scout Jamborees to face such compounded challenges," Ahmad Alhendawi, Secretary General of the World Organization of the Scout Movement, said in a statement on Tuesday.

Persons: Kim Hong, NewJeans, Han Duck, Han, Kakao, Ahmad Alhendawi, 1,325.0700, Hyunsu Yim, Ed Davies, John Stonestreet Organizations: REUTERS, Democratic Party of, World Organization of, Scout Movement, Thomson Locations: Buan, South Korea, SEOUL, Saemangeum, South Korea's, Singapore, Seoul, North Jeolla Province, Democratic Party of Korea

☆ Podcast: Trump’s target letter, US soldier in North Korea and an AI BTS?
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: 1 min

Listen on the Read the episodeFormer President Donald Trump says he received a letter saying that he is a target of a grand jury investigation into efforts to overturn his 2020 presidential election defeat. As a US soldier flees to North Korea, our reporters describe what it’s like in the demilitarized zone (DMZ). Plus, South Korea’s largest music label HYBE, which manages hit boy band BTS, releases a new multilingual song generated by AI. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. Further ReadingUS soldier flees into North Korea in new crisis over the nuclear-armed stateTrump says he is a target in US 2020 election probeOur Standards: The Thomson Reuters Trust Principles.

Persons: Donald Trump, Trump Organizations: Thomson, Reading Locations: US, North Korea

☆ Starbucks teams up with Blackpink, betting on the power of K-pop
▼ + stars: | 2023-07-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Starbucks is teaming up with Blackpink, one of the world’s hottest musical acts. The centerpiece of the lineup is the Blackpink Strawberry Choco Cream Frappuccino, a drink that is an aptly hued blend of black and pink. Like other major global brands, Starbucks is leaning into the frenzy around K-pop, hoping that it will translate to a boost in sales. The company has partnered with Blackpink before, launching a collection of merchandise in Thailand two years ago. In 2022, the group was named Time magazine’s Entertainer of the Year, becoming just the second K-pop group to receive the title.

Persons: ”, Blackpink, Emma McIntyre, Kan, they’ve, —, Jennie, Jisoo, Lisa, Rosé —, Dior, Bang, Hyuk, “ Organizations: Hong Kong CNN, Starbucks, Coachella, Blackpink, South, Netflix, BTS, Disney, CNN, HYBE Locations: Hong Kong, Indonesia, South Korea, Philippines, Indio , California, Asia, Thailand, South Korean

☆ K-pop's biggest music label HYBE looks to lift language barrier with AI
▼ + stars: | 2023-07-19 | by ( Hyunsu Yim | ) www.reuters.com time to read: +4 min

The technology enabled HYBE (352820.KS), South Korea's largest music label, to release a track by singer MIDNATT in six languages – Korean, English, Spanish, Chinese, Japanese and Vietnamese in May. Native speakers read out the lyrics, and later the two were seamlessly combined with the help of HYBE's in-house AI music technology, Chung said. 'IMMERSIVE EXPERIENCE'MIDNATT said using AI had allowed him a "wider spectrum of artistic expressions." While the technology is not new, it is an innovative way to use AI in music, said Valerio Velardo, director of The Sound of AI, a Spain-based consulting service for AI music and audio. Not only professional musicians but also a wider population will benefit from AI music technology in the long term, Velardo said.

Persons: MIDNATT, Chung Wooyong, Lee Hyun, Chung, Kim Hong, Supertone, Choi Hee, HYBE, Valerio Velardo, Velardo, Choi Jin, Hyunsu Yim, Daewoung Kim, Hyun Young Yi, Josh Smith, Jamie Freed Organizations: Reuters, REUTERS, Neural, Supertone, The, Thomson Locations: SEOUL, Seoul, Korean, HYBE, South, South Korea, Spain

☆ K-Pop supergroup BTS' Jung Kook releases solo single
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 14 (Reuters) - Jung Kook, a member of K-Pop supergroup BTS, officially launched on Friday his solo career with the release of single "Seven", a track also featuring American rapper Latto. BTS is on temporary break as a group with two of its seven members currently doing mandatory military service in South Korea, but other members are continuing to carry out solo projects and concerts. The video for "Seven" - described by his music label as an invigorating summer song - was also revealed on Friday and includes an appearance by South Korean actress Han So-hee. His label BigHit is part of South Korean entertainment company HYBE and also manages BTS. Ahead of his official solo debut, Jung Kook previously released two free singles.

Persons: Jung Kook, Han, Joyce Lee, Ed Davies, Michael Perry Organizations: BTS, Thomson Locations: SEOUL, South Korea, U.S, Korean, South Korean, New

☆ Shares in K-Pop agencies fall after report of antitrust probe
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 5 (Reuters) - Shares in K-Pop management agencies fell on Wednesday, after South Korea's antitrust watchdog began investigations into any potential infractions of subcontracting rules when outsourcing production of albums and merchandise, Yonhap reported. The Korea Fair Trade Commission (KFTC) sent investigators to the offices of HYBE (352820.KS), SM Entertainment (041510.KQ) and YG Entertainment (122870.KQ) on Tuesday, Yonhap news agency reported citing unnamed industry sources. HYBE, SM and YG did not immediately respond to a request for comment. Shares in HYBE, the management agency of K-Pop sensation BTS, fell 2.1% in early morning trade, versus a flat wider market (.KS11). SM Entertainment and YG Entertainment shares also fell 1.5% and 0.4%, respectively, as of 0015 GMT, although YG later reversed losses.

Persons: Yonhap, 1,300.0000, Joyce Lee, Jacqueline Wong Organizations: Korea Fair Trade Commission, SM Entertainment, YG Entertainment, SM, YG, Investment, Securities, Thomson Locations: SEOUL, HYBE

Shares of K-pop agencies dipped briefly on Wednesday after a reported investigation by South Korea's antitrust watchdog. The report said government agencies sent "examiners" to the offices of Hybe, SM Entertainment, YG Entertainment, according to a CNBC translation of the article. Hybe, the agency behind BTS, saw its shares fall as much as 3%, while SM Entertainment fell as low as 2.19%. When contacted by CNBC, South Korea's FTC said they could not confirm or deny the Yonhap report. Hybe said that it has no comments, while YG Entertainment and SM Entertainment did not respond to requests seeking comments to the Yonhap report.

Persons: Lisa, Jennie, Yonhap, Hybe, — CNBC's Kimberly Kao Organizations: Coachella, Valley Music, Arts Festival, Korea's Fair Trade Commission, Yonhap, SM Entertainment, YG Entertainment, CNBC, South, FTC Locations: INDIO , CALIFORNIA, Indio , California, South Korean, Hybe

☆ This new ETF is trying to give investors a way to trade on the music industry
▼ + stars: | 2023-06-22 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

A new thematic exchange-traded fund is trying to give investors a way in to music and entertainment by combining some of the industry's biggest U.S. stocks along with international holdings and some companies with no obvious music connection at all. The Clouty Music, Media and Entertainment ETF (TUNE) began trading Thursday with 50 stocks in its portfolio. There are only a handful of music industry stocks available to investors, such as Spotify , Warner Music Group and South Korean company Hybe. The TUNE ETF, which has an expense ratio of 0.65%, includes those stocks but also others in media and entertainment. The music industry is also one area that could see significant change alongside the recent breakthroughs in artificial intelligence.

Persons: Bob Dylan, David Umeh, Umeh, it's Organizations: industry's, Media, Entertainment, Sony, Spotify, Warner Music Group, South, Fox, Netflix, Pfizer, Korean ETF Locations: South Korean

☆ BTS 10th anniversary: Superfans make pilgrimage to South Korea to celebrate the K-pop band that conquered the globe
▼ + stars: | 2023-06-13 | by ( Kathleen Magramo Yoonjung Seo Paula Hancocks | Kathleen Magramo | Yoonjung Seo | ) edition.cnn.com time to read: +10 min

Scroll through the gallery to see how the K-pop group went global. ilgan Sports/Multi-Bits/Getty Images BTS fans at the "Love Yourself" North American Tour at the Staples Center on September 9, 2018 in Los Angeles. Andrew Lipovsky/NBC/Getty Images BTS won all three awards they were nominated for at the 2021 American Music Awards held in Los Angeles. Theo Wargo/Getty Images BTS addressed Asian inclusion and representation at the White House in Washington, DC on May 31, 2022. “Being in America and not seeing that much of Asian representation, when I saw that seven Asian guys were trending … that totally like piqued my interest immediately.

Persons: Rowan Joss, Katie Myles ’, they’re, ’ ”, Joss, HYBE, Myles, Kim Tae, Jung Ho, Kim Nam, Kim Seok, Jeon Jung, kook, Min Yoon, Psy’s, ”, Chelsea Guglielmino, Jimmy Fallon, Andrew Lipovsky, Matt Winkelmeyer, Theo Wargo, Kent Nishimura, CedarBough Saeji, ” Saeji, Katie Myles, –, hasn’t, Anthony Wallace, ’, Lisa Trinh, Diana Phung, they’ve, Trinh, they’ll, Jimin, Hwang Young, Startrip, Yoonjung Seo, Jungkook, dad, Justin Bieber, Selena Gomez, Ariana Grande, Shawn Mendes, it’s, Michelle Cho, It’s, Phung Organizations: Seoul CNN —, BTS, Records, YouTube, ilgan, Staples Center, Chelsea, NBC, Getty, White, Los Angeles Times, East Asian Studies, Pusan National University, ARMY, Ministry of Culture, Tourism, Tower, CNN, The, Guinness, Spotify, University of Toronto Locations: Hong Kong, Seoul, South Korea, Scotland, Los Angeles, Washington , DC, Korean, AFP, Seoul’s, California, Gangwon province, Busan, Korea, Cafe, America

☆ Fans celebrate K-Pop supergroup BTS' 10-year anniversary
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Segar/File PhotoSEOUL, June 12 (Reuters) - Fans of K-Pop supergroup BTS gathered in the heart of the South Korean capital Seoul on Monday to celebrate the 10-year anniversary of the boy band's debut. Landmarks such as Seoul City Hall and Namsan Tower were lit purple, BTS' signature colour, while dozens of fans from France, Mexico and elsewhere came to enjoy the sights. Organisations and businesses are also joining the celebration, with the city of Seoul working with BTS' management agency HYBE (352820.KS) to set up a tour of landmarks associated with BTS. South Korea's postal service released special commemorative stamps of BTS' debut anniversary. The celebrations are expected to hit a climax on Saturday, when BTS leader RM is expected to meet fans - followed by fireworks near the Han River, which bisects Seoul.

Persons: Mike Segar, Rita, Lotte, JungKook, Daewoung Kim, Joyce Lee, Angus MacSwan Organizations: Hudson, REUTERS, Seoul City Hall, BTS, Hyundai Department, Lotte Cinema, Minwoo, Thomson Locations: South Korea, Manhattan, New York City , New York, U.S, SEOUL, Seoul, France, Mexico, Korea, KS

☆ BTS, one of the biggest celebrity accounts on Twitter, has refused to pay Musk $8 for a blue tick
▼ + stars: | 2023-04-21 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +2 min

K-Pop supergroup BTS — like hundreds of other celebrities — lost its blue checkmark on Twitter. At press time, the band had not paid to restore its blue checkmark under Elon Musk's Twitter Blue. On Thursday, Musk tweeted that he's personally funding some celebrities' Twitter Blue statuses — but did not specifically say whose subscriptions he's paying for. It's unclear who's paying for the Twitter Blue subscriptions on Hybe's and BTS' official accounts. Other K-Pop groups have also refused to give Musk $8 for Twitter Blue.

☆ K-pop star and BTS member J-Hope starts mandatory military service
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 18 (Reuters) - J-Hope, a member of Grammy-nominated K-pop boy band BTS, began his mandatory military service in South Korea on Tuesday, the second member of the group to do so. REUTERS/Jeenah MoonJ-Hope, 29, is the second member of the popular septet to enlist following Jin, the oldest, who joined the military in December. All able-bodied men in South Korea between the ages of 18 and 28 must serve in the military for 18 to 21 months. The military enlistment of BTS members has drawn attention from not just fans but also politicians in South Korea. Some lawmakers floated the idea of granting the hit group an exemption from mandatory military service to allow them to continue to perform instead.

☆ Read the pitch deck AI startup Neosapience used to raise $21.5 million to expand to Hollywood, where a former Warner Bros. Discovery exec is leading its US push
▼ + stars: | 2023-04-11 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

Neosapience is a Korean startup that created a synthetic voice and video platform. It plans to bring its tech to Hollywood and has hired former Warner Bros. Neosapience, a Korean startup, is poised to disrupt Hollywood with a voice and video AI platform. Taesu Kim, a founder and CEO of Neosapience, said he sees entertainment companies using Neosapience to do things like add voiceovers to documentaries and to voice AI actors. Discovery business development exec Tony Shin, whose oversight included DC Comics, hints at the kind of opportunity Neosapience sees in the US.

Hong Kong/Seoul CNN —South Korean internet company Kakao has become the largest shareholder of SM Entertainment, winning a battle for control of one of the country’s most iconic music agencies. Kakao and its entertainment unit have increased their stake in SM to 39.9%, they said in a Tuesday regulatory filing. In securing a controlling stake, Kakao has seen off rival HYBE, South Korea’s top music agency and home to boy band sensation BTS, after a bruising takeover battle. In a separate Tuesday filing, HYBE said it had sold some of its SM shares to Kakao, reducing its stake to 8.8%. Aespa is represented by SM Entertainment.

☆ Kakao's stake in K-pop agency SM climbs to 40%, HYBE retains 8.8%
▼ + stars: | 2023-03-28 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

SEOUL, March 28 (Reuters) - South Korean social media giant Kakao's stake in K-pop agency SM Entertainment (041510.KQ) has reached 40%, the target said on Tuesday, in a deal that has left former bidder HYBE (352820.KS) stuck with more than half of its stake in SM. But Kakao's tender offer for a 35% stake at 150,000 won per share attracted acceptances for more than double the targeted stake, forcing it to scale back allotments in proportion. HYBE said it was left with an 8.81% stake in SM. Kim Hyun-yong, an analyst at Hyundai Motor Securities, said maintaining the remaining stake in SM could help HYBE contain Kakao in the long run. HYBE plans a substantial number of acquisitions and investments this year as the K-pop giant looks to boost its U.S. presence, its chairman Bang Si-hyuk said this month.

☆ BTS agency HYBE seeks U.S. deals after withdrawing bid for SM Entertainment
▼ + stars: | 2023-03-15 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

[1/2] Members of K-pop boy band BTS pose for photographs during a news conference promoting their new album "BE(Deluxe Edition)" in Seoul, South Korea, November 20, 2020. The company's efforts to expand its portfolio of music labels and fan community platforms come after HYBE on Sunday withdrew its plan to take over rival label SM Entertainment (041510.KQ) after a weeks-long battle with social media giant Kakao (035720.KS). HYBE owns multiple subsidiary labels and management companies including Ithaca Holdings, boasting a range of artists including BTS, Ariana Grande and Justin Bieber. The slowdown was largely, but not exclusively, due to the absence of BTS, who are currently on a break as a group, he said. Bang declined to comment on details of a new partnership deal with Kakao Entertainment on fan platform businesses, but added he was "personally satisfied" with the arrangement despite losing the bid to acquire SM Entertainment.

☆ K-pop giant Hybe drops bid for SM Entertainment, ending takeover battle
▼ + stars: | 2023-03-13 | by ( ) www.cnbc.com time to read: +1 min

The company dropped its plan to take control of K-pop pioneer SM Entertainment. Hybe, the agency representing top-selling South Korean boy band BTS, dropped its plan to take control of K-pop pioneer SM Entertainment, the company said on Sunday. Hybe's withdrawal put an end to a weeks-long takeover battle with social media giant Kakao, and will allow Kakao to expand its entertainment business further. Hybe said its decision to halt the takeover bid came after the price to acquire SM exceeded a fair range as the competition intensified. On Friday, shares in SM Entertainment closed at 147,800 won.

☆ Explainer: How Kakao won a takeover battle against HYBE for K-pop pioneer SM Entertainment
▼ + stars: | 2023-03-12 | by ( Hyunsu Yim | ) www.reuters.com time to read: +4 min

For more than two decades, the K-pop industry was dominated by the trio until BTS rose to global fame in recent years, making its agency HYBE the largest music label in the country. It is the second-largest entertainment group in South Korea by market value at $2.8 billion, trailing HYBE, which is worth $5.5 billion. Lee filed an injunction request to block the deal that was approved by a court, and sold a 15% stake in SM to rival agency HYBE, setting up a takeover battle. Kakao, the most popular social media platform in South Korea, is expanding aggressively into the entertainment industry where it already owns a smaller K-pop agency, Starship Entertainment. In January, Kakao Entertainment announced a 1.2 trillion won ($966.27 million) investment from Singapore's GIC and Saudi Arabia's Public Investment Fund, giving it more firepower for the SM bid.

Hong Kong/Seoul CNN —BTS agency HYBE says it has called off a takeover bid for SM Entertainment, ending weeks of corporate mudslinging that has dominated headlines in South Korea. Last week, tech giant Kakao and its entertainment unit said they had doubled down on their quest to take control of SM, the iconic K-pop music agency. Kakao offered SM shareholders 150,000 won ($115) per share, much more than HYBE’s previous offer of 120,000 won ($92) per share, which garnered only mild interest from investors. SM Entertainment said in a statement that it “welcomes” HYBE’s decision to suspend its takeover bid. Kakao and its entertainment unit will continue with their existing tender offer to SM shareholders, which will wrap up on March 26, they told CNN.

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