HYBE Addresses Acquisition of Lee Soo Man's Shares in Open Letter
HYBE has revealed an open letter, addressing their shares acquisition from Lee Soo Man.
See the full details here.
HYBE Releases Open Letter Acknowledging Shares Acquisition From Lee Soo Man
On February 21, HYBE has released an open letter, which discussed multiple points about their latest shares acquisition from Lee Soo Man, the founder of SM Entertainment and its previous largest shareholder.
The letter began with HYBE CEO Park Jiwon greeting fans, SM Entertainment employees, artists, and its shareholders.
The CEO declared that HYBE has completed the 14.8 percent stake in SM Entertainment, and has now become the single largest shareholder in SM.
Jiwon also shared that HYBE had resolved the management issue between SM's current authorities and Lee Soo Man during the acquisition.
The letter also announced that SM will flourish as a company that will give importance to shareholder value and implement a governance structure that can achieve this goal.
READ MORE: HYBE X Lee Soo Man: Agency To Team Up With SM Founder? Here's What Happened
Afterwards, Park Jiwon proceeded to explain the synergy intended. The CEO explained three multiple points on the letter, which consists of a mutual corporate philosophy, multi-label system, and their plans to be a game changer on a global scale.
Collaborative Innovation Based on Mutual Corporate Philosophy
On this segment, the letter explained HYBE and SM's intention to flourish the K-pop industry globally. Park Jiwon furthered that HYBE's vision is closely entangled with SM 3.0's goal, which is to be a company that prioritizes fans and shareholders.
Furthermore, he added that with HYBE and SM's integration, the two companies will present global innovation, which will be derived from their artistic capabilities and content-focused culture.
Allowing Complete Autonomy of Creative Work Based on Multi-Label System
Park Jiwon brought up how HYBE has been successfully giving full autonomy to its respective labels with the multi-label system. He also shared that the key to its success is to ensure complete independence over each label's creative identity.
He revealed that HYBE respects SM's creative expression and its history. To collaborate with SM, HYBE will communicate its business model and sources to help the company lead the industry.
Leaping Forward as a Game Changer on the Global Stage
Lastly, Park Jiwon furthered that HYBE will back up SM Entertainment's artists with their activities. He explained HYBE's experiences which built its foundation. The CEO revealed that HYBE will reveal how it skyrocketed on the global K-pop scene, raising popularity on countries such as United States, South America, and India.
Park Jiwon also stated HYBE will also gain advantage from SM's experience, since many artists in the company are successful in China, Japan, and Southeast Asia. The two major fandom platforms, Weverse and Bubble, will also grow outside Korea.
Lastly, the CEO addressed the rumors and concerns that people have during their acquisition. He mentioned that HYBE respects SM 3.0's approach, and SM Entertainment's values. To conclude his statement, Park Jiwon expressed gratitude to those who support HYBE and SM. He also encouraged fans to look forward on K-pop's bright future.
Read the full statement here:
What's your take on this matter?
Read KpopStarz for more K-pop news.
