It was previously reported that Lee Soo Man was rumored to be in discussion to sell his SM Entertainment shares to either Naver or Kakao Entertainment .
Now, according to a report by IB Industry Insiders, HYBE Labels (also known as BigHit Entertainment) once considered the acquisition of SM Entertainment stocks in 2020, but it was eventually canceled.
SM Entertainment recently confirmed that while they are having various discussions on potential partnerships, nothing has been set in stone. They will be making another announcement within a month or so when more matters have been confirmed.
Naver and Kakao Entertainment also confirmed that while they are looking into potential acquisitions and deals, nothing has been decided.