HYBE is now the top shareholder of SM Entertainment - report

HYBE is now the largest shareholder of SM Entertainment.

According to a Soompi report Friday, HYBE is getting a 14.8% stake from SM Entertainment’s Lee Soo Man for 422.8 billion won or around $334.3 million.

This comes after Kakao became the second largest shareholder, following Soo Man, of SM Entertainment with a 9.05% stake earlier this week.

Soo Man said this is illegal as SM Entertainment issued shares of the company and convertible bonds without the top shareholder’s approval.

Meanwhile, HYBE said they also plan to acquire additional shares of SM Entertainment in the future.

HYBE is home to artists including BTS, SEVENTEEN, Tomorrow X Together, and ENHYPEN.

Red Velvet, SHINee, EXO, and Girls’ Generation, meanwhile, are with SM Entertainment. — LA, GMA Integrated News