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HYBE has ended the battle for the takeover of SM Entertainment, and with this decision, Kakao is set to take control of SME. The company also reached an agreement with Kakao, and now they will join hands to grow K-pop further.
After weeks of dispute, HYBE, SM Entertainment and Kakao decided to come together after the BTS boy group’ managing agency announced it has decided to cancel its bid to take over SME. The decision was announced on Sunday, March 12.
With the latest development in the takeover war, Kakao and its entertainment unit will proceed to have management control over SM Entertainment which has been previously blocked by HYBE. it was agreed by the two sides that they would cooperate instead to grow the business.
As per The Korea Times, Bang Si Hyuk’s entertainment firm made the decision as its rivalry with the tech giant has resulted in overheating the market. It further said that this could have a negative effect on the value of the company’s stocks thus, it was better to just give up.
As the company steps back, candidates it recommended for SME's new executive board will also step down before SM's regular shareholders' meeting takes place later this month. The mutual decision officially concluded the fierce battle that has been raging for a month already over the management rights of SM Entertainment.
It was reported that the companies held talks on Friday, March 10, in an attempt to solve their issues. The discussions ended well as they decided to work together instead.
"Kakao and Kakao Entertainment respect HYBE's decision to stop the move to acquire SM Entertainment," Kakao stated on Sunday. "As a partner sharing mutually positive impacts, Kakao and Kakao Entertainment will continue various strategic cooperative relations with HYBE and SM Entertainment to help stoke the global status of K-pop and K-culture."
