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Asharq Al-Awsat
Asharq Al-Awsat
Entertainment
Asharq Al-Awsat

Korea’s Hybe Completes Purchase of 14.8% Stake in Rival SM

SM HYBE K SM Entertainment Entertainment BTS Lee Sooman South Korea
A logo of SM Entertainment is seen at its headquarters in Seoul, South Korea, Monday, Feb. 20, 2023. (AP)

Hybe, the South Korean entertainment company behind K-pop sensation BTS, said Wednesday that it has completed its acquisition of a 14.8% stake in rival SM Entertainment, making it SM’s largest single shareholder.

The acquisition was finalized even as SM Entertainment accused Hybe staging a hostile takeover to control the firm by purchasing shares from Lee Soo-man, SM’s founder. Lee's influence in the firm has waned after an activist fund successfully campaigned for stricter oversight of its corporate governance.

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