CJ Group Responds To Reports About Joining Kakao In Acquisition Of SM Entertainment

It was earlier reported that CJ Group would become the largest shareholder alongside Kakao.

Korean media previously reported that CJ Group was considering joining Kakao‘s battle against Lee Soo Man to control SM Entertainment. It was reported that Kakao had suggested CJ Group join forces to purchase shares in the company.

CJ Group denied the news on the night of February 14, 2023. Korean media reports that CJ Group has claimed the reports as false.

Previously, news reports claimed that CJ Group and Kakao plan to buy up 19.9% of the shares together to make them the largest shareholder. This was to combat Lee Soo Man and HYBE joining forcing, with Bang Si Hyuk buying over Lee Soo Man’s shares of the company.

In 2021, there was a similar case where it was claimed that CJ ENM, a subsidiary of CJ Group, was eyeing the shares. In the end, a staff from CJ ENM claimed that “nothing was confirmed” back at that time.

The article has been corrected to reflect the accurate time frame of statement.

Source: Naver