SM "Respecting the Decision to Halt Hive Management Rights Acquisition"

SM Entertainment (SM) announced on the 12th that it respects the decision to halt Hive's acquisition of SM's management rights, as agreed between Kakao and Hive.

In a statement released that day, SM emphasized, "Taking this agreement as an opportunity, we will accelerate the implementation of the SM 3.0 strategy promised to shareholders, members, fans, and artists, and we are determined to achieve the future vision of 'leaping forward as a fan- and shareholder-centered global entertainment company'." Through this, SM explained that it will continue to expand corporate value enhancement and shareholder return policies for all shareholders.

On the same day, Kakao stated, "To respect SM’s strongest assets and driving forces?its employees, artists, and fandom?we will guarantee autonomous and independent operations, and accelerate global growth centered on the future vision and strategic directions presented by the current management, including SM 3.0."

The newly launched ‘SM 3.0 Board of Directors’ at the SM shareholders’ meeting on the 31st will collaborate with Kakao, the optimal horizontal and strategic partner, to create the world’s best ‘IP and IT synergy’ and open the next phase of the K-pop industry.