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KPOPPOST

Is SM Entertainment Under Kakao M? Here’s What the Company Says About Buying Lee Soo Man’s Shares

Yoonhee Lee by Yoonhee Lee
March 13, 2022
in News
3
is SM Entertainment Under Kakao M Lee Soo Man Share

Rumors have been circulating in social media that SM Entertainment is now under the management of Kakao Entertainment (formerly Kakao M) after their successful acquisition of Lee Soo Man’s shares in the company. But, is it really true though? Here’s the complete official statement from Kakao Entertainment about buying Lee Soo Man’s shares.

Table of Contents

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  • The Long and Fierce Battle Over Lee Soo Man’s Shares
    • Who is Buying Lee Soo Man’s Shares in SM Entertainment?
    • Kakao was Winning the Fight of Buying Lee Soo Man’s Shares
    • SM Entertainment Under Kakao M? Here’s The Official Statement from Kakao Entertainment
    • Lee Soo Man & SM Entertainment: Kpop Founding Fathers
      • More to read about Kpop:

The Long and Fierce Battle Over Lee Soo Man’s Shares

The fierce fights over Lee Soo Man’s shares in SM Entertainment have not been over yet. For almost a year, Lee Soo Man’s shares in SM Entertainment have been the goal of five major companies. From Naver, Tencent, HYBE, CJ, and Kakao Entertainment, all eyes of these giants are on SM Entertainment, home of KWANGYA.

For several days, rumors have been circulating that SM Entertainment is now under Kakao Entertainment (formerly Kakao M) due to their successful acquisition after buying Lee Soo Man’s shares. That is because on March 11, Korea Economy TV reported that Kakao Entertainment had come into agreement in buying the entire Lee Soo Man’s shares in SM Entertainment.

Producer and SM Entertainment founder Lee Soo Man is now holding the largest shares in the company of 18,73 percent. Therefore, whoever managed to take over his shares will be acquiring the rights of managing SM Entertainment.

Who is Buying Lee Soo Man’s Shares in SM Entertainment?

The long and fierce battle over Lee Soo Man’s shares in SM Entertainment has been going on since last year. Various major companies had been eyeing the shares and acquisition for SM Entertainment. After all, SME is one of the largest entertainment companies with the most powerful influence in South Korea.

Fierce fights over Lee Soo Man’s shares in SM Entertainment. | Twitter
Fierce fights over Lee Soo Man’s shares in SM Entertainment. | Twitter

Along with Naver and Tencent who fiercely competed over the shares, HYBE, CJ, and Kakao Entertainment were the largest candidates who were most likely successful in appealing Lee Soo Man.

Unfortunately, Lee Soo Man had rejected the offers from HYBE, the home company of BTS. That is why HYBE failed to win the acquisition of SM Entertainment and is now out of options.

And although CJ had sent their very own chairwoman to meet Lee Soo Man directly, it was Kakao Entertainment who became the most likely candidate to win the battle.

Lee Mi Kyung of CJ and Lee Soo Man. | Twitter
Lee Mi Kyung of CJ and Lee Soo Man. | Twitter

Kakao was Winning the Fight of Buying Lee Soo Man’s Shares

With their previous proposal of 2.5 trillion won (approximately 2.2 billion USD), Kakao Entertainment was winning the fight over Lee Soo Man’s shares in SM Entertainment. In addition, if the deal is successful, it means SM Entertainment will be soon under the management of Kakao Entertainment (formerly Kakao M).

Lee Soo Man, founder of SM Entertainment. | Twitter
Lee Soo Man, founder of SM Entertainment. | Twitter

SM Entertainment Under Kakao M? Here’s The Official Statement from Kakao Entertainment

So, is SM Entertainment now really under Kakao M? In the midst of the high excitement about this possible acquisition between two large entities in South Korea, Kakao Entertainment finally stated their official position.

According to the company, there has yet been a concrete decision about buying Lee Soo Man’s shares in SM Entertainment. Kakao Entertainment is currently reviewing various options in strengthening its business globally. And this includes partnerships and equity investments.

“We have been consistently reviewing a wide variety of possible measures, including partnerships and equity investment to strengthen the competitiveness of our global content business. However, nothing concrete has yet been decided at the moment.”

Kakao Entertainment.
 Lee Soo Man and Kakao. | Twitter
Lee Soo Man and Kakao. | Twitter

Lee Soo Man & SM Entertainment: Kpop Founding Fathers

So, what do you think about this possible acquisition of SM Entertainment by Kakao? SM Entertainment is one of the top four major entertainment companies in South Korea. Besides, it has almost the largest power and influence in South Korean music industry.

Founded in 1995 by Lee Soo Man, the company has been one of the founding fathers of Kpop with its powerful idols from H.O.T, S.E.S, Shinhwa, BoA, TVXQ, Super Junior, Girls’ Generation, SHINee, EXO, Red Velvet, NCT, and aespa.

Therefore, acquiring the company means taking over one of the largest icons in the Kpop industry.

At last, feel free to share your thoughts in the comments. And please stay with Kpoppost and our Instagram, Facebook, and Twitter for more updates. In the meantime, here’s the complete MV of SMTOWN LIVE 2022 with the current idols of SM Entertainment company.

Subscribe to the Kpoppost Telegram channel for our latest stories and breaking news.

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Tags: Kakao MLee Soo ManSM Entertainment
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Yoonhee Lee

Yoonhee Lee

A multi-talented mom-blogger who effortlessly combines her love for gaming, Kdramas, and motherhood. As an avid Kdrama lover, she unravels the captivating news and stories of Korean entertainment.

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? Autumn loves bts ?
? Autumn loves bts ?
3 years ago

Thte cool ?

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PinkRabbit
PinkRabbit
3 years ago

SM has been one of the founding fathers of Kpop ??

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REtro BOWL UNBlocked
REtro BOWL UNBlocked
3 months ago

Great breakdown of the situation! It's intriguing to see how the dynamics between SM Entertainment and Kakao M are evolving, especially with Lee Soo Man stepping back. I'm curious to see how this will impact the artists and the overall direction of the company. Thanks for the insights!

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