“Why Stop When You Can Win?” Bang Si Hyuk Shares How Lee Soo Man Reacted To HYBE Backing Out Of Bidding War
HYBE‘s founder Bang Si Hyuk spoke candidly about what he thought about Kakao’s acquisition of SM Entertainment.
On March 15, Bang Si Hyuk spoke at the Kwanhun Forum held at the Korean Press Center. The forum was an opportunity for attendees to listen to Bang Si Hyuk’s opinions about how to move Korea’s culture forward.
During the Q&A section, Bang Si Hyuk was asked how Lee Soo Man reacted to Kakao’s acquisition of SM Entertainment. Bang Si Hyuk answered carefully, stating that he was only able to tell the SM Entertainment founder the news after it was decided that HYBE would be backing out.
I didn’t have the opportunity to tell him during the negotiations. I told him after it was decided (that HYBE would back out). He didn’t show much emotion after listening to the reasons for our decision.
— Bang Si Hyuk
Bang Si Hyuk further added that Lee Soo Man did ask him one thing but stated that in the end, Lee Soo Man respected his hoobae‘s decision.
All he said was, ‘Why are you stopping when you can win?’ He didn’t say he was disappointed in front of his long-time hoobae.
— Bang Si Hyuk
Previously, Kakao and HYBE engaged in a bidding war over a controlling stake in SM Entertainment. Lee Soo Man publicly supported HYBE’s bid, stating in a letter that he wanted another creative to take control. HYBE eventually backed out, giving Kakao control over the historic K-Pop label.
Kakao Will Acquire SM Entertainment: HYBE To Pursue Platform Business Partnership Instead
Share This Post
