"Hybe will increase the influence of the K-pop industry with SM from today."

Hybe became the largest shareholder of SM Entertainment on the 22nd. It acquired a 14.8% stake (3,523,420 shares) held by former general producer Lee Soo-man.

Hybe signed a deal on Feb. 10 to buy a 14.8 percent stake in Lee for 422.8 billion won. It was scheduled to acquire shares on March 6 of next month, but traded 12 days earlier.

Park Jiwon, CEO of Hybe, said, "We solved the governance problem of SM and former general manager Lee Soo-man. SM will be a company that puts shareholder rights first."

First, it emphasized the synergy between the two companies. "The directions of the two companies are in contact," he said. "We will create another innovation by combining creative capabilities."

It guarantees autonomy with a multi-label system. "We respect the value that SM has accumulated. We will support content with unique colors to lead the trend, he promised.

“We‘ll actively support SM artists seeking chances to advance into overseas markets using the know-how and global network that we have built so far,” Park said.

Hybe's "Weverse" and SM's "Bubble" platforms will also be expanded. We will secure global competitiveness. We will create new opportunities such as performances, distribution, and new businesses.

Finally, he also mentioned old rumors related to SM. He stressed, "Hive respects the values and visions created by SM members and artists together." 

In particular, I apologize for causing concern to SM artists, he said. "I will work with respect and consideration."

"I hope the confusion will not continue due to the hasty judgment of some executives," Hybe said, stressing the corporate spirit of "win together." 

Park Jiwon said, "With the belief that we will succeed with SM, we will communicate more with fans, artists, members, and shareholders. We will increase the value and influence of the K-pop industry."