HYBE Sells $50 Million in SM Entertainment Stock ...Middle East

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HYBE Sells $50 Million in SM Entertainment Stock
K-pop giant HYBE sold a portion of its stake in rival South Korean music group SM Entertainment worth $50 million, or roughly 3% of the company, according to a filing made public on Tuesday (May 28). Though it sold roughly 755,500 shares worth 68.4 billion Korean won, HYBE still owns some 2.2 million shares comprising a 9.4% stake SM Entertainment, the company behind such acts as aespa and NCT 127. The musical home to supergroup BTS, HYBE’s actions related to SM have been closely scrutinized ever since it acquired a nearly 16% stake in SM in a failed takeover attempt last year. In March this year, HYBE purch

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