Lee Soo Man, Bang Si Hyuk Acknowledge Shares Acquisition — What Will Happen To SM Entertainment?
Lee Soo Man and Bang Si Hyuk released a joint statement, where they acknowledged the latest shares acquisition from SM Entertainment.
Here's what they said.
What's Next For SM? Lee Soo Man, Bang Si Hyuk Release Official Announcement Regarding Shares Acquisition
On February 10, it was announced that HYBE has secured a deal with Lee Soo Man regarding shares obtainment. The statement conveyed that 14.8% (3,523,420) of Lee Soo Man's shares has been acquired by HYBE, making them the largest shareholder of SM Entertainment.
In the same day, the two founders released a joint statement, where they admitted the purchase. It explained that Lee Soo Man and Bang Si Hyuk have joined forces for SM and HYBE's refinement in the music industry. It also expressed assurance that the joint action will improve K-pop's international stature.
It revealed that Lee Soo Man has designated his shares to HYBE for the purpose of improving metaverse, solidifying a multi-label structure, and creating campaigns related to social awareness. In that way, HYBE will utilize its assets to carry out K-pop's prominence worldwide.
The statement also pointed out SM Entertainment's reputation as a K-pop powerhouse company. It spoke highly of SM, granting them as pioneers, since they have produced numerous groups which made an impact to each generation.
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During the statement, it also praised Lee Soo Man and his industrialization of Korean music. It declared that K-pop has now come far from where it used to be. There was a time not so long ago that it was only renowned locally. However, as time went by, K-pop thrived worldwide to the point of being normalized in other foreign areas.
"SM Entertainment's founder and largest shareholder Lee Soo Man and HYBE Chairman Bang Si Hyuk have teamed up to improve K-pop's scope worldwide. This is to enhance K-pop's competitiveness on a global scale."
"To improve certain aspects such as metaverse, make a multi-label approach, and vision campaigns, Lee Soo Man has transferred his shares with HYBE for a partnership. SM Entertainment is a pioneer that created many iconic artists in each generation."
"Behind SM Entertainment's prominence, is Lee Soo Man, since he's responsible for developing Korean music's reach."
K-pop Globalization: SM, HYBE Ensure Solid Teamwork For Improvement
They also expressed enthusiasm with cooperating with one another, to enhance SM's current management and authority. It also revealed that Lee Soo Man has agreed to HYBE's proposals in buying stocks from minority shareholders.
Furthermore, they concluded by assuring the best for listeners worldwide. It stated that fans will be able to receive good content internationally, since these changes will be made. They also asked everyone to support SM and HYBE's upcoming ventures.
"Lee Soo Man and HYBE will collaborate in improving SM Entertainment's management and governance. While cooperating with the acquisition, Lee Soo Man has also supported HYBE's plans to obtain shares from minority shareholders."
"To globalize K-pop's notoriety, SM Entertainment and HYBE will cooperate with each other. We ask for your support on our path since K-pop will be met globally. Thank you."
- Lee Soo Man and Bang Si Hyuk
Will you look forward to their endeavors? Are you excited for K-pop's future?
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