CJ ENM says it’s contemplating taking up SM Leisure, however no determination but

This file photograph supplied by SM Leisure exhibits its lead producer Lee Soo-man. (Leisure)

South Korea’s main media and leisure firm CJ ENM stated on Monday that it’s trying to purchase Okay-pop powerhouse SM Leisure, however nothing has been finalized but.

“To strengthen our music content material enterprise, we wish to purchase a stake in SM Leisure or search different operational synergies,” the corporate, a content material creation arm of South Korean meals and leisure conglomerate CJ Group, stated in a submitting. “However nothing has been determined but.”

Over the weekend, an area information outlet reported that CJ ENM has reached an settlement to purchase an 18.72 p.c stake in SM Leisure, owned by its founder and largest shareholder, Lee Soo-man. Lee has acknowledged that he’ll promote his stake and return to turn out to be a Okay-pop producer.

Since then, not solely CJ ENM, however Hybe, BTS’s administration label, and Kakao Leisure have joined the combat for one of many high Okay-pop companies within the nation, together with big-name Okay-pop stars like EXO, Purple Velvet, and extra. Pop works. It has NCT and Espa underneath its belt.

However Kakao Leisure, an leisure arm of tech large Kakao Corp., has lately pulled out of the race, and CJ ENM has emerged because the strongest candidate to take management of SM Leisure.

CJ ENM is a number one media firm within the South Korean leisure trade, which incorporates sectors equivalent to movie, TV, pop music and stage music.

It’s behind the Oscar-winning household satire “Parasite”, whereas it has produced international hit TV collection together with “Guardian: The Lonely and Nice God” (2016) and “Crash Touchdown on You” (2019).

The potential acquisition of SM Leisure would enhance the corporate, which is quickly transferring to focus extra on the Okay-pop scene along with its in style audition exhibits equivalent to “Celebrity Okay” and “I-Land”. (yonhap)

Supply hyperlink

Online Rich Tech

Online Rich Tech