Australia’s Corporate Regulator Urges Pension Funds to Boost Technology Investment as Industry Grows 
Trump Extends AGOA Trade Program for Africa Through 2026, Supporting Jobs and U.S.-Africa Trade 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
US-India Trade Bombshell: Tariffs Slashed to 18% — Rupee Soars, Sensex Explodes 
Instagram Outage Disrupts Thousands of U.S. Users 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
South Korea Assures U.S. on Trade Deal Commitments Amid Tariff Concerns 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Oil Prices Slip as U.S.–Iran Talks Ease Supply Disruption Fears 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Australia’s December Trade Surplus Expands but Falls Short of Expectations 
Com2uS Studios acquires a 4.2% stake in SM Entertainment, and this is said to be equivalent to 990,000 shares. The South Korean mobile and online game developer and publisher is reportedly investing a total of $47 million or about KRW70 billion in this stake purchase that was revealed on Tuesday, Nov. 1.
As per Korea Joongang Daily, Com2uS’s deal will be crucial to SM Entertainment’s founder and producer, Lee Soo Man, at the company’s next shareholders' general meeting, which was scheduled for March 2023. On Monday, the entertainment firm’s shares closed at KRW71,100 or $50.
In a statement, the game publisher said that its latest investment in SM Entertainment was not carried out to make the entertainment firm lean in its favor. It explained that it acquired some stake as it thinks that the company "is being under-valued and has a high growth potential for the future."
“SM Entertainment is one of the best entertainment companies that have led to the popularization of Korean popular culture around the world,” Com2uS further stated. “It has sold foundations with a 700-billion-won revenue and 130-billion-won net profit in 2021 and holds the most diverse artist portfolio among K-pop agencies.”
The tie-up between Com2uS and SM Entertainment will give the former the opportunity to bring and incorporate its technologies with the former’s intellectual properties of IPs, including special visual effects and computer graphics. For SME, it will be able to use the gaming firm’s visual technology for its online concerts and other virtual activities.
Meanwhile, The Korea Economic Daily reported that having Com2uS aboard is beneficial to Lee Soo Man, and ahead of the general meeting next year, it was reported that three top executives that have been supporting the SME founder, such as the co-CEO Lee Sung Su would complete their terms in the company’s board.
Com2uS also has plans to expand its business and the metaverse industry. Using its link to SM Entertainment may make it easier for the company to reach its goal, as the entertainment company’s IP in the digital space is already expansive.
