SM, Lee Soo-man Repurchases Subsidiary Shares Previously Sold to HYBE
SM Brand Marketing and Dream Maker Share Acquisition
Shares Bought by HYBE from Lee Soo-man Earlier This Year
HYBE Withdraws from Acquisition and Resells
On the 10th, SM Entertainment announced that it would acquire 314,550 shares (42%) of SM Brand Marketing stock for 53.885 billion KRW. These shares were purchased from Hive. SM's stake in SM Brand Marketing increased to 84.35% (627,100 shares). SM stated, “We acquired the shares to secure controlling interest and strengthen management control.”
Earlier this year, during the SM management rights acquisition battle, Hive purchased shares of SM Brand Marketing and Dream Maker in agreement with former SM Chief Producer Lee Soo-man. The deal was worth approximately 70 billion KRW. However, after Hive withdrew from the SM acquisition, there was no reason to hold shares in the two companies, so they sold the SM Brand Marketing shares back to SM. It is also reported that the Dream Maker shares, of which Hive held 24.12%, were transferred for about 16 billion KRW.
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SM Brand Marketing and Dream Maker are subsidiaries of SM. SM Brand Marketing operates online platforms and is engaged in metaverse and commerce businesses. Dream Maker is involved in the performance business.
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