Reporter Liu Wanxin / Comprehensive Report
South Korea star-making factory SM Entertainment to create the Oriental Shenqi, Bao'er, Super Junior, Girls' Generation, SHINee and other groups, across the KPOP industry for 20 years is still in an unshakable position, recently reported that the founder Li Xiuman intends to sell the shares in hand, acquired by the well-known large enterprise CJ ENM, in this regard, SM Entertainment also responded positively to the news, saying that "it is not yet determined".
SM Entertainment is rumored to be acquired by CJ Group. (Photo/Photo: SM Entertainment, CJ ENM official website)
According to the Korean media "Daily Economy" report, CJ ENM will sign a purchase agreement with SM Entertainment as soon as the 22nd, formally acquiring sm entertainment shares, this acquisition is 18.73% of the shares held by Li Xiuman, CJ ENM assessed that SM's current market value is about 3 trillion to 4 trillion won (about 70 billion to 94.4 billion Taiwan dollars), so it decided to take over Li Xiuman's shares at a price of 600 billion to 700 billion (about 14 billion to 16.5 billion Taiwan dollars).
Li Xiuman will sell his stake in SM Entertainment. (Figure/CFP)
After the signing of the contract, CJ ENM will become the largest shareholder of SM Entertainment, and Li Xiuman will be fully responsible for the company operation of SM Entertainment as he is now, in addition, the two sides are still under discussion about whether CJ ENM's music business unit will merge with SM in the future, on the other hand, Li Xiuman will hand over the largest shareholder to CJ ENM, and the plan to continue to hold a part of the shares is also under active discussion.
However, after the news was exposed, SM Entertainment denied the news that it would be acquired by CJ ENM, saying that it was "not yet determined" and explaining that "there are many discussions with various companies, and the signing of the acquisition contract on the 22nd is not a fact" circulated by the outside world.
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