Lee Soo Man has publicly endorsed HYBE’s bid to acquire SM Entertainment.
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MOVEMENTSfounder Bang Si Hyuk spoke candidly about what he thought about the takeover by Kakao SM Entertainment.
On March 15, Bang Si Hyuk spoke at Kwan Hun Forum took place at the Korean Press Center. The forum was an opportunity for participants to listen to Bang Si Hyuk’s views on how to push Korean culture forward.
During the Q&A section, Bang Si Hyuk was asked how Lee Soo Man reacted to Kakao’s acquisition of SM Entertainment. Bang Si Hyuk responded cautiously, stating that he was only able to break the news to the founder of SM Entertainment after it was decided that HYBE would withdraw.
I didn’t get a chance to tell him that during the negotiations. I told him after the decision was made (that HYBE would withdraw). He did not show much emotion after hearing the reasons for our decision.
— Bang Si Hyuk
Bang Si Hyuk further added that Lee Soo Man asked him one thing but stated that Lee Soo Man finally respected him hoobadecision.
He just said, “Why do you stop when you can win?” He did not say he was disappointed with his long tenure hooba.
— Bang Si Hyuk
Previously, Kakao and HYBE had a bidding war over a controlling stake in SM Entertainment. Lee Soo Man publicly endorsed HYBE’s bid, stating in a letter that he wanted another creation to take over. HYBE eventually backed out, giving Kakao control of the historic K-Pop label.
Kakao will acquire SM Entertainment: HYBE to pursue a business partnership with the platform instead
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