South Korea's Kakao Corp to buy 9.05% stake in SM Entertainment, touts K-pop projects

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SEOUL : South Korea's Kakao Corp said on Tuesday it will acquire a 9.05 per cent stake in SM Entertainment, an entertainment agency behind K-pop acts including NCT and Aespa, in a deal worth 217.2 billion won ($172.8 million). The two will team up to pursue joint management projects together including glo

SEOUL : South Korea's Kakao Corp said on Tuesday it will acquire a 9.05 per cent stake in SM Entertainment, an entertainment agency behind K-pop acts including NCT and Aespa, in a deal worth 217.2 billion won .

"We hope to work together in competing in the heavily contested global music and content market through this investment," said Kakao Chief Investment Officer Bae Jae-hyun. Describing the deal as a “happy ending” to speculation about a tie up dating back to May 2021, SM Entertainment said the capital raised through this deal will fund its new business strategy dubbed “SM 3.0” – establishing multiple production centres and labels as well as a music publishing-specialised subsidiary.

Source: Entertainment Trends (entertainmenttrends.net)

 

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