Lee Soo Man’s SM Entertainment shares acquired by CJ ENM?
It has been reported that 18.53 percent of shares of the South Korean entertainment company SM Entertainment have been acquired by the media giant and entertainment company CJ ENM. These shares reportedly belonged to the founder of SM Entertainment, Lee Soo Man. These shares are said to have been amounted to a whopping total of 630 billion KRW (approximately 533 million USD).
After initial rumours, it is said that CJ ENM has agreed to purchase the said shares of SM Entertainment and that the former will be acquiring them soon by signing an MOU (Memorandum Of Understanding). The two parties are yet to confirm or deny the reports.
Lee Soo Man founded SM Entertainment in 1989, then known as SM Studio. It was renamed the one we know of today in 1995. The founder himself resigned from the Board of Directors in 2010 and has since continued to be an advisor and a part of the management team.
SM Entertainment is home to some of the biggest breakout acts in the South Korean music scene. The Hallyu wave began with acts like H.O.T, S.E.S and Shinhwa that have been regarded as the openers of the K-pop industry. World-famous groups TVXQ, Super Junior, Girls' Generation, SHINee, f(x), EXO, Red Velvet, NCT and aespa have emerged from the label over the years.
The company also has its own acting, hosting, modelling and other talents that have established themselves to become one of the most-influential entertainment giants in South Korea.
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