K-pop giant HYBE purchased 868,948 shares of SM Entertainment, the company behind such acts as aespa and NCT 127, for approximately 104.3 billion won ($78 million) after SM founder Lee Soo-man exercised an option to sell the shares, HYBE announced in a Feb. 28 regulatory filing. The purchase concludes a transaction that briefly created a power struggle in the fast-growing K-pop industry in South Korea. In October 2022, SM Entertainment canceled its production contract with Lee, the company’s founder. Lee sold HYBE the majority of his 15.8% stake in February 2023 and retained an option to sell his remaining shares to
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