Korea’s Hybe completes purchase of 14.8% stake in rival SM

SEOUL, South Korea (AP) — Hybe, the South Korean entertainment company behind K-pop sensation BTS, says it has completed its acquisition of a 14.8% stake in rival SM Entertainment, making it SM’s largest single shareholder. The purchase was finalized even as SM Entertainment has accused Hybe of staging a hostile takeover to control the firm by purchasing shares from Lee Soo-man, SM’s founder. Lee’s influence in SM has waned after an activist fund successfully campaigned for stricter oversight of its corporate governance. Hybe earlier said it plans to buy another 25% of SM shares from investors, which would take its total stake to almost 40%.