According to media outlet reports on February 14, HYBE Labels CEO Park Ji Won held a briefing on this day at HYBE headquarters in Yongsan, Seoul regarding the company's projected acquisition of SM Entertainment.
During the briefing, which lasted for approximately 10-minutes, CEO Park explained HYBE's intended direction on the acquisition.
CEO Park stated, "We fully respect the legacy of SM. We intend to ensure SM's independence. SM is a company which has its own value. HYBE will provide SM with the resources it needs to expand, while retaining the agency's signature color."
The CEO also added, "Lee Soo Man will not be involved in management affairs or producing affairs from here on. We do not intend on paying him in royalties."
The CEO stressed that HYBE will seek to endorse a multi-label/multi-production system, which HYBE Labels is already functioning under.
Previously, HYBE Labels became the largest shareholder of SM Entertainment, purchasing 14.8% of the company's shares for 422.8 billion KRW (~ $334.4 million USD). The company is seeking to acquire an additional 25% of shares in the next month.
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From allkpoop's first article on the purchase:
"Lee Soo Man and Bang Si Hyuk, who both graduated from Seoul National University, plan to continue an active partnership in the management and growth of SM Entertainment."
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