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 HYBE and SM Entertainment stocks soar after deal announced
February 10, 2023

HYBE and SM Entertainment stocks soar after deal announced

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Seoul/Hong Kong

HYBE, the management agency behind superstar boy band BTS, will become the biggest shareholder of its K-pop rival, SM Entertainment.

The South Korean entertainment giants announced the deal Friday, with HYBE set to pick up a 14.8% stake in SM Entertainment for 422.8 billion Korean won ($334.5 million).

SM was founded by legendary music producer Lee Soo-man, who is widely referred to in South Korea as “the godfather of K-pop.” The company is known for representing hit artists, such as NCT 127, EXO, BoA and Girls’ Generation.

NCT 127 at a press conference in September 2022 in Seoul.

News that the two companies were joining forces fired up investors. SM Entertainment’s shares soared 14.1% in Seoul on Friday, while HYBE’s stock jumped 6.4%.

“This acquisition represents a major step by HYBE to integrate the global expertise of both companies to become a game changer in the global music industry,” HYBE said in a statement.

HYBE has been taking steps to expand its global reach. On Thursday, it announced another major deal in the United States, saying it would acquire the owner of Quality Control, a hip-hop label that represents popular artists including Migos and Lil Yachty.

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