SM Entertainment Makes Statement Regarding HYBE And Kakao’s Agreement
SM Entertainment has released an official statement in response to HYBE’s announcement that it will no longer be attempting to take over the company.that it had come to an agreement with Kakao regarding their highly public battle to secure management rights and control of SM Entertainment. In a formal statement, HYBE declared that it would “discontinue the acquisition process of SM Entertainment,” leaving the door open for Kakao to take over the company.
Kakao announced today in a statement, “SM Entertainment’s strongest assets and driving force are its employees, artists, and fandoms; and in order to respect them, we will maintain autonomous/independent operations, and we will accelerate global growth with a focus on the current management’s strategic direction and vision for the future, including ‘SM 3.0.'” The “SM 3.
We would like to express our deep gratitude to the SM shareholders, fans, employees, artists, and everyone else invested in this matter who rooted for and supported SM Entertainment until the end, even amidst the unexpected confusion that followed our SM 3.0 strategy announcement on February 3.
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