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A story of companies capturing the music business in South Korea entered its latest phase this week, as music giant HYBE officially ended its bid to take over its rival, SM Entertainment .
The K-pop company said in a statement that it is suspending its bid to acquire a 40% stake in SM, following discussions with technology company Kakao, their rival contractor during the SM takeover. .
On Sunday (March 12), HYBE officially pulled out of the battle for control of SM, releasing a statement that read, “HYBE has made this decision after seeing signs of the market showing signs of being in the market. too hot due to the competition of both Kakao and Kakao Entertainment. .”
Elsewhere, SM Entertainment has revealed, through an investor presentation on its global expansion and investment strategy, that it plans to acquire a music company in the US to grow global expansion.
SM said it is currently “reviewing companies that fit SM’s genre” in the US and is looking to expand into hip-hop and R&B.
Meanwhile, the music company based in Paris, and TuneCore owner, Trust, announced full-year financial results for 2022 (the second set of full-year results since floating on Paris Euronext in 2021). The company generated annual sales of €760.8 million ($800 million).
In addition, Midia Research estimates that global recorded music revenue grew 6.7% year-on-year in 2022 to reach $31.2 billion, while QUESTION Music Group has acquired content management, analytics, distribution and distribution technology provider AudioSalad.
HYBE, the South Korean-based music giant, has officially stopped its attempt to buy a 40% stake in rival K-pop company, SM Entertainment.
HYBE said in a statement on Sunday (March 12) that it is suspending its acquisition bid following discussions with technology company Kakao, its rival contractor during the SM takeover.
HYBE last month purchased a 14.8% stake in SM Entertainment, for about US$335 million, through a share buyback from Lee Soo-man, the estranged founder of SM Entertainment.
HYBE then publicly announced its intention to acquire an additional 25.2% stake in SM Entertainment – which would bring HYBE’s total stake to 40% – through a public tender offer to minority shareholders. of SM.
If successful, the move will see HYBE spend an additional ≈565 million on SM stock…
SM Entertainment has revealed, through an investor presentation, that it plans to acquire a music company in the US to speed up its global expansion.
SM said it is currently “reviewing companies that fit SM’s genre” in the US and is looking to expand into hip-hop and R&B.
The company said it plans to spend 200 billion Korean Won on this investment strategy, which translates at current exchange rates to about $150 million.
That could mean a few things, such as SM being willing to spend up to $150 million on one company, or perhaps planning to allocate that investment among the three to five companies under consideration.
Either way, this news is sure to spark rumors in the music industry that SM’s acquisition target or target could be…
Paris-based music company Believe generated annual sales of 760.8 million euros in 2022.
That figure translates to $800 million (at the average annual IRS exchange rate).
The company’s full-year financial results (the second set of full-year results since floating on Paris Euronext in 2021) were released on Wednesday, (March 15)…
SESAC, a Nashville-based music licensing/collection organization, has acquired New York-based content management, analysis, distribution and management technology provider AudioSalad.
AudioSalad will remain based in New York under the leadership of CEO Iain Catling and CTO Deane Thomas and will continue to operate as an independent business within SESAC Music Group.
SESAC acquires AudioSalad for an undisclosed amount…
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