HYBE has launched a new campaign for SM Entertainment shareholders.
On 2 March, HYBE launched a new campaign, which includes a website, to share their latest business plans and strategies in relation to SM Entertainment. The campaign, titled SM with HYBE, comes as HYBE's efforts to prioritise the latter's shareholders and protect "shareholder value from inappropriate actions by the current management at SM", according to a press release.
"It aims to put an end to an unequal partnership contract with Kakao, unrealistic and unsubstantiated financial projections, and emotional messages that gloss over public opinion, all of which the current SM management initiated," reads HYBE's press release.
하이브가 에스엠 주주님들, 아티스트, 구성원 및 팬 분들과 함께하겠습니다.
— SM with HYBE (@SMwithHYBE) March 2, 2023
HYBE will be with SM's shareholders, artists, members, and fans.https://t.co/yss1YLqNyy pic.twitter.com/LGpvbRhpCt
The website features a video detailing HYBE's efforts to enact SM Entertainment's SM 3.0 strategy and to propel both companies into the global market. As a whole, the campaign aims to align both the companies' visions and missions.
According to the website, HYBE has asked SM Entertainment shareholders for their support in an upcoming shareholders meeting, which is happening on 31 March. A power of attorney page was created where any shareholder in SM can delegate their voting rights to HYBE electronically ahead of the meeting.
HYBE initially announced their acquisition of SM Entertainment last February, after acquiring a 14.8% stake in the company from former Chief Producer Lee Soo-man. This makes HYBE their largest shareholder, following by Kakao Corp with 9.8%.
Since HYBE's acquisition, SM Entertainment have released several statements deeming it to be a "hostile takeover attempt" that puts their staff, artists, and fans at risk.
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