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HYBE Sells $50 Million in SM Entertainment Stock
The Korean music company, home to BTS, still retains a 9.4% stake in SM Entertainment
K-pop giant HYBE sold a portion of its stake in rival South Korean music group SM Entertainment worth $50 million, or roughly 3% of the company, according to a filing made public on Tuesday (May 28). This was the final tranche of shares SM founder Lee Soo-man had pledged to sell to HYBE after it acquired from him the majority of his 15.8% stake in February 2023, according to a Feb. 28 regulatory filing. HYBE’s purchase of Lee Soo-man’s shares briefly created a power struggle in South Korea’s K-pop industry.
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