HYBE Labels CEO Park Ji Won states that Lee Soo Man will not be involved in management/production affairs at SM
held a briefing on this day at HYBE headquarters in Yongsan, Seoul regarding the company's projected acquisition ofDuring the briefing, which lasted for approximately 10-minutes, CEO Park explained HYBE's intended direction on the acquisition."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 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 . The company is seeking to acquire an additional 25% of shares in the next month.
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