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HYBE Sells Remaining Stake in K-Pop Rival SM Entertainment for $177 Million
HYBE has sold its remaining 9.38% stake in rival K-pop powerhouse SM Entertainment to Tencent Music Entertainment for approximately $177 million.
According to South Korea’s Yonhap news agency, cited in Music Business Worldwide, HYBE stated that I has “divested non-core assets as part of a choice and concentration strategy,” adding that the “Secured funds will be used to secure future growth engines.” It noted that SM says that the company plans to “work more closely with Tencent Music” following the share sale. MBW notes that China-based Tencent Music’s investment in SM, a South Korean music company, coincides with reports that China will be lifting its ban on South Korean cultural and entertainment content imports. That ban was imposed by China in 2017 in response to the deployment of a U.S. missile system in South Korea.
Or read this on Variety
