Kakao Responds to SM Entertainment Stake Acquisition Rumors: "No Decisions Made"

[Asia Economy Reporter Kang Nahum] Kakao has officially stated that it has "not decided" regarding some media reports that it is pursuing the acquisition of shares in the entertainment agency SM Entertainment.

On the 11th, Kakao said, "We have continuously reviewed various options such as business partnerships and equity investments to strengthen our global content business competitiveness, but there are currently no concrete decisions."

On the same day, a media outlet reported that Kakao had tentatively agreed to acquire all shares held by Lee Soo-man, the representative producer and largest shareholder of SM Entertainment, and was about to announce related details. The shares of SM Entertainment held by this chief producer amount to 18.72%, which is worth approximately 1 trillion won at the current stock price.

When reports emerged in January that Naver and Kakao were competing to acquire shares in SM Entertainment, Kakao also disclosed that the matter had not been decided.

This content was produced with the assistance of AI translation services.