Tencent to become second-largest shareholder in K-Pop agency SM Entertainment
SEOUL (Reuters) -China's Tencent is expected to become the second-largest shareholder of major K-Pop agency SM Entertainment, according to a South Korean filing on Tuesday. South Korea's Hybe said in a regulatory filing that it plans to sell its 2.2 million shares in SM Entertainment to Tencent Music Entertainment for 243 billion won ($177 million) on May 30. The 9.7% stake would make Tencent the second-largest shareholder in SM Entertainment, after the 42% controlling stake held by Kakao Corp and affiliate Kakao Entertainment, according to an SM filing.
Reuters
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