Kakao clarifies that it has acquired Lee Soo Man’s shares in SM Leisure

Kakao has clarified the information of Lee Su Mann buying a stake in SM Leisure.

On March 11, Korea Economic system TV reported that Kakao had agreed to buy all of SM Leisure’s founder Lee Soo Man’s shares within the firm. Since Lee Soo Man presently holds an 18.73 p.c stake in SM Leisure, he’s the corporate’s largest shareholder—and it’s believed that whoever acquires his shares will obtain the administration rights to SM Leisure. Final 12 months, it was reported that HYBE, CJ ENM, and Kakao had been all competing to amass Lee Soo Man’s stake in SM, nonetheless HYBE’s provide was rejected.

Nonetheless, that very same morning, Kakao formally clarified that nothing has but been finalized concerning the potential acquisition. A spokesperson for the corporate stated, “To strengthen the competitiveness of our international content material enterprise, we’re repeatedly reviewing all kinds of potential measures, together with partnerships and fairness investments, however in the meanwhile, nothing concrete has been determined but.” Has gone. “

Again in October, SM Leisure shut down rumors that CJ ENM’s acquisition of Lee Soo Man’s shares was finalized, saying “we’re presently in discussions with a number of corporations about numerous potential angles.” CJ ENM equally responded, “Whereas we’re presently reviewing quite a lot of methods to develop our music enterprise, nothing has been finalized.”

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