Pink Bloods 'Defend' SM Entertainment by Sending Protest Truck to HYBE — Here's What Happened
SM Entertainment's fans, Pink Bloods, have sent a protest truck in front of HYBE's building, where they opposed against the conglomerate's monopoly.
Why is it getting attention?
Pink Bloods Sends Protest Truck To HYBE, 'Defending' SM Entertainment Culture
On February 28, a protest truck was sent in front of HYBE's building, declaring disagreement over their acquisition of SM Entertainment's largest stake.
Pink Bloods, who are fans of SM, received attention for their candid attempt, as well as the protest messages embedded on their truck.
The truck enumerated several messages, protesting against HYBE's monopoly. It also declared how HYBE is "destroying" SM Entertainment's culture by merging.
The trucks also stated HYBE should only look after their own artists and leave other agencies' musicians alone. Some even declared hostile notes, promising to curse HYBE's artists if SM Entertainment's singers were to be meddled with.
Here are the translations from the protest truck:
"The crazy company that allowed Lee Soo Man to spend 10B won on tree planting is HYBE."
"SM fans are mobilizing against HYBE's monopoly. We will support an SM without HYBE!"
"Go plant your trees with Lee Soo Man, the wanted criminal from Interpol, but don't touch SM 3.0."
"Lee Soo Man who did a dine and dash with his tax evasion, and HYBE, the money hungry company, abandon SM. Monopoly destroys culture."
"Go take care of your own brats. Why would you be looking at our brats?"
"Don't touch SM's artists. Don't force us to swear at HYBE's artists."
"Don't form a monopoly by eating up SM or you'll ruin K-pop."
On February 10, HYBE announced that a contract was signed involving a 14.8% acquisition from Lee Soo Man, SM's founder and previous largest shareholder.
Lee Soo Man had sold his shares for 422.8 billion KRW, which is equivalent to 334 million USD. After obtaining these stocks, HYBE has now become SM Entertainment's largest shareholder.
Furthermore, Bang Si Hyuk also planned a tender offer, which attempted to acquire an additional 25% stake from SM's minor shareholders.
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On February 21, HYBE shared an open letter, which discussed several key points about their acquisition. HYBE's CEO Park Jiwon, acknowledged SM's internal dispute concerning management rights and authority.
He also discussed the companies' collaborative innovation, instilling creative freedom over its labels, and spreading K-pop on a global scale.
How Did The K-pop Community Take This? Here's What They Said
In a forum, many netizens were dismayed with the protest. They expressed how bold it was for Pink Bloods to send a protest truck to HYBE and even pondered their loyalty to SM.
Others suggested them to focus on SM Entertainment instead, given the company's internal dispute. Some were embarrassed because of the incident.
See their comments below:
"So basically, they sent a truck to confess that HYBE idols' haters are all SM fans?"
"Are they insane? To put it bluntly, they're the ones whose company is having a s**t show inside, why would they be s**tting on another company?"
"Is this how people become when they get crazy obsessed over a company?"
"I'm embarrassed."
What's your take on their protest against HYBE?
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