HYBE is selling its entire stake in K-Pop rival SM Entertainment to Tencent Music for nearly $180m
South Korean entertainment giant HYBE is selling its entire 9.38% stake in rival K-Pop firm SM Entertainment.
The buyer is Tencent Music Entertainment, China’s largest owner of music streaming services, which is acquiring the 2.21 million shares in SM Entertainment held by HYBE in a transaction worth 243.35 billion South Korean won ($177m at current exchange rates).
SM Entertainment is the company behind prominent K-pop acts like Super Junior, EXO, Girls’ Generation, Red Velvet, aespa, NCT, and Riize.
TME operates platforms including QQ Music, Kugou Music, Kuwo Music, and WeSing.
HYBE disclosed the share sale in a regulatory filing on Tuesday (May 27), which reveals that TME is buying the shares at 110,000 South Korean won…
