Kakao is Going ALL OUT for SM Entertainment… and You Won’t Believe How Much!

Sean Lim
1 min readMar 8, 2023

It seemed like Hybe had its merger with SM Entertainment in the bag, but Kakao just made a shocking tender offer of 150,000 won per share to SM Entertainment shareholders in a bid to acquire 35% more stock. If successful, the Korean tech messaging giant would secure 40% ownership and thereby full control over Korea’s founding k-pop entertainment agency. Hybe’s own tender offer only garnered 0.98% as opposed to their goal of 25%.

Only last week Hybe seemed to be the victor, especially after a court injunction blocked Kakao from purchasing 9% of the company via special shares and convertible notes. Oh how fast the plot can change in real life K-drama. Now, Hybe seems to be back on an uphill battle with only 20% of the company in its hands. Can it outspend Kakao to buy more shares if the tech titan is dead-set on buying SM Entertainment at any cost?

Originally published at https://www.seoulite.tv on March 8, 2023.

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Sean Lim

Content creator and writer on the real drama behind K-drama.