HYBE has officially sold all its shares of SM Entertainment to China’s Tencent Music Entertainment (TME).
HYBE Exits SM Entertainment Investment
According to Korean financial reports on May 27, HYBE will sell around 2.21 million shares of SM Entertainment to Tencent Music for approximately 243 billion KRW (about $177 million USD) on May 30. The transaction will be completed through an after-hours block deal at 110,000 KRW per share.
Tencent Music Becomes Major SM Shareholder
With this deal, Tencent Music will become the third-largest shareholder in SM Entertainment, following Kakao and Kakao Entertainment. HYBE’s total investment in SM had reached around 550 billion KRW, and this sale closes the chapter on HYBE’s involvement with SM Entertainment.
This move could bring significant changes to the K-pop industry, as major stakeholders in entertainment companies shift.
