Netizens React To CJ Possibly Purchasing A Stake In SM Entertainment
Netizens reacted to the news that CJ is considering purchasing a stake in SM Entertainment.
On February 14, the K-Pop industry was once again shaken to its core when news reports stated that the Korean conglomerate, CJ, was considering purchasing a stake in SM Entertainment.
According to IB and entertainment industry insiders, CJ are discussing the conditions proposed by Kakao regarding their participation in the acquisition of shares in SM Entertainment.
CJ ENM Is Considering The Acquisition Of SM Entertainment, Joining Hands With Kakao
The conglomerate is reportedly considering purchasing up to 19% of SM Entertainment shares, making it the largest shareholder. Also noteworthy is the revelation that CJ ENM, the group’s subsidiary, has been eyeing SM Entertainment’s shares since 2021 but reconsidered after Lee Soo Man stated he would like to maintain his role at the company.
Fans and netizens alike were shocked by the news, considering the size of CJ. The company is one of the largest businesses in Korea, and was founded by the late Lee Byung Chul, who also founded Samsung.
The group’s subsidiary, CJ ENM, currently owns television networks tvN, Mnet, and OCN.
Netizens had a mixed reaction to the news. While some welcomed CJ as an alternative to HYBE, others were skeptical of CJ’s intentions.
- “I’m honestly not an SM fan, but it’s so heartbreaking to see what is happening… I can see why (SM ENtertainment’s) employees feel so hopeless.”
- “I think it’s better if HYBE just takes over.”
- “I feel like if SM Entertainment goes to Kakao and CJ, it will be broken up into little pieces.”
- “I thought when it was just Kakao vs. HYBE that HYBE was better, but now that CJ is involved, I am sure that HYBE would be better.
- “A real monopoly has just entered, LOL.”
- “As someone outside looking in, it’s very interesting, LOL. If HYBE takes over SM, you can say HYBE will own all of K-Pop, so I think this side (CJ) is better.”
What are your thoughts?