The breaking news of SM Entertainment’s founder Lee Soo Man selling his shares shocked the fans.
Recently, SM Entertainment shares appeared on the M&A market. It was Lee Soo Man’s stake which he previously had approximately 18.73 percent in SM Entertainment. The only stakeholder with a share greater than 5% of SM Entertainment is believed to be Korea Investment Management Co. (5.04%). SM has not officially reported the sales yet.
However, when the news broke out that and Kakao Entertainment, CJ ENM, and HYBE are in the race to acquire Lee Soo Man’s shares in SM Entertainment, the stock prices of SM Entertainment and its affiliates sky-rocketed altogether.
This is not the first time that rumors of Lee Soo Man selling his shares have surfaced online. However, rumors of the sale seem to be coming true as specific names of the companies are mentioned.
Fans who have been loyal to the company’s music were shocked to hear the news. Some fans are suggesting that he should take responsibility for his company using the hashtag, “#ImSorryComeBackLeeSooMan (#미안해요이수만돌아와요이수만).”
Translator Jung Munjeong: I’ll provide you with the latest articles on K-Drama, K-Pop, and K-Movie as quickly as possible.