Worldwide boy-band sensation BTS may be on hiatus, but refreshing new financial acts threaten to upend the world of K-pop, and perhaps South Korea.
The battle over 28-year-old SM Entertainment, the $2.3 billion force behind Girls' Generation and EXO, is at heart a family feud.
It helps, too, that K-pop has turned into one of South Korea’s strongest exports, thanks largely to “Butter” and “Dynamite” singers BTS.
"We oppose all aggressive outside mergers and acquisitions, including Hybe," SM said in a statement, according to Reuters.
Separately, internet conglomerate Kakao said on Feb. 7 it would acquire a 9.05% stake in SM via 112 billion won of new shares and 105 billion won of convertible bonds.