South Korean entertainment company HYBE said on Friday it will buy shares worth 423 billion won ($335 million) in rival SM Entertainment , seeking management rights to strengthen its position in the K-pop industry.
The South Korean pop music industry was dominated for years by three major companies - SM, JYP and YG Entertainment - until the K-pop boy band BTS rose to international fame, making HYBE bigger than the other three.
But all seven BTS members are expected to begin their military service over the next couple of years, starting with Jin, the group's oldest member who joined the military in December. The septet is set to return in full only in 2025. With the group on hiatus, SM Entertainment's extensive portfolio will prove commercially beneficial for HYBE, said music critic Kim Do Heon.
"HYBE became a behemoth but its weakness was not having legacy. SM is a company that existed throughout K-pop's history and will bring heritage to HYBE," Kim said.Earlier this week, South Korean tech firm Kakao Corp said it would acquire a 9.05% stake in SM Entertainment to pursue joint projects including global K-pop auditions.
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