CJ ENM says it’s contemplating taking on SM Leisure, however no determination but

This file photograph offered by SM Leisure exhibits its lead producer Lee Soo-man. (Leisure)

South Korea’s main media and leisure firm CJ ENM mentioned on Monday that it’s trying to purchase Ok-pop powerhouse SM Leisure, however nothing has been finalized but.

“To strengthen our music content material enterprise, we wish to purchase a stake in SM Leisure or search different operational synergies,” the corporate, a content material creation arm of South Korean meals and leisure conglomerate CJ Group, mentioned in a submitting. “However nothing has been determined but.”

Over the weekend, an area information outlet reported that CJ ENM has reached an settlement to purchase an 18.72 % stake in SM Leisure, owned by its founder and largest shareholder, Lee Soo-man. Lee has acknowledged that he’ll promote his stake and return to change into a Ok-pop producer.

Since then, not solely CJ ENM, however Hybe, BTS’s administration label, and Kakao Leisure have joined the battle for one of many high Ok-pop companies within the nation, together with big-name Ok-pop stars like EXO, Purple Velvet, and extra. Pop works. It has NCT and Espa below its belt.

However Kakao Leisure, an leisure arm of tech big Kakao Corp., has just lately pulled out of the race, and CJ ENM has emerged because the strongest candidate to take management of SM Leisure.

CJ ENM is a number one media firm within the South Korean leisure business, which incorporates sectors corresponding to movie, TV, pop music and stage music.

It’s behind the Oscar-winning household satire “Parasite”, whereas it has produced international hit TV sequence together with “Guardian: The Lonely and Nice God” (2016) and “Crash Touchdown on You” (2019).

The potential acquisition of SM Leisure would enhance the corporate, which is quickly transferring to focus extra on the Ok-pop scene along with its common audition exhibits corresponding to “Famous person Ok” and “I-Land”. (yonhap)

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