With the purchase of these shares, HYBE is now the majority shareholder at the SM Entertainment agency. After the news of the stock purchase shocked many people, Bang Si Hyuk and Lee Soo Man released their joint statement.
Through this statement, Bang Si Hyuk and Lee Soo Man explained the reasons why HYBE bought SM Entertainment shares.
"The largest shareholder and founder of SM Entertainment, former executive producer Lee Soo Man and HYBE chairman Bang Si Hyuk, have joined hands so that SM Entertainment and HYBE will become game changers in world popular music.
This will increase K-Pop's competitiveness globally, and we have decided to realize our shared vision of a lifestyle platform for future endeavors.
Lee Soo Man has decided to transfer his shares to HYBE to start a partnership with HYBE. HYBE shares a vision with SM Entertainment and Lee Soo Man to implement the metaverse, establish a multi-label system, and a vision campaign to save the world, and HYBE will use its resources so that K-Pop will improve its position in the global market.
SM Entertainment is a formidable company that turned the fast-changing music industry into one that allowed Korean music to thrive.
It was the pioneer who paved the way and has allowed K-Pop to become international and it was the pioneer of K-Pop who suggested a new genre called K-Pop to people around the world.
At the center of all SM Entertainment's accomplishments is Lee Soo Man. It wouldn't be an exaggeration to say that everyone in the K-Pop industry was influenced by Lee Soo Man.Lee Soo Man industrialized Korean music, which was once barren, and made it the best in the world and is the legacy of our musicians.
Lee Soo Man and HYBE will actively cooperate in improving SM Entertainment's governance and executive management. Lee Soo Man, while taking the important decision to sell his shares, also supports HYBE's plan to buy shares from minority shareholders.
SM Entertainment and HYBE will combine their capabilities to globalize K-Pop and will create strong synergies across various businesses starting with labels and platforms.
We will upgrade the current platform that is leading the global market so that the world's fans can meet more artists and experience the excitement of K-Pop.
We ask that you continue to support the future that SM Entertainment and HYBE will create together.
Thank You.
The largest shareholder and founder of SM Entertainment and chairman of HYBE."
(www.onkpop.com)
