SM Entertainment Fans Send Protest Truck In Front Of HYBE
SM Entertainment fans protested HYBE‘s controversial acquisition of the largest stake in SM Entertainment by sending a protest truck.
On February 28, a media outlet uploaded several photos of protest trucks in front of HYBE.
According to the media outlet, the truck was sent by SM Entertainment fans in protest of HYBE’s recent acquisition of Lee Soo Man’s shares.
The following is a translation of the messages from top left to right.
- “HYBE is the crazy company that spent 10 trillion KRW on Lee Soo Man’s tree planting campaign.”
- “From all the SM fans who are against HYBE’s monopoly: We would like an SM without HYBE.”
- “You should plant some trees with Interpol’s wanted Lee Soo Man. Get your hands off SM 3.0.”
- “HYBE, who is cozy with tax-evading Lee Soo Man, give up on SM Entertainment. A monopoly would kill the culture.”
- “K-Pop’s great genius, take care of your own babies. We will take care of our own.”
- “Don’t you dare mess with SM artists. Don’t make us curse at HYBE artists.”
- “Greedy HYBE, don’t you touch SM. Don’t ruin K-Pop by eating SM.”
- “HYBE, we believe in money.”
- “I brought this truck to tell you confidently that I am a fan of an SM without Lee Soo Man.”
The protest is in response to HYBE’s recent acquisition of SM Entertainment’s share. On February 22, HYBE announced that it had officially acquired a 14.8% of Lee Soo Man’s shares, making it the company’s largest shareholder.
HYBE Officially Acquires Lee Soo Man’s SM Entertainment Shares, Becoming The Largest Shareholder In SM
According to reports, HYBE’s 14.8% acquisition circumvents a mandatory pre-review by Korea’s Free Trade Commission, which must green-light acquisitions of 15% or higher before the acquisition can be made. SM Entertainment has since stated they would be reaching out to the Free Trade Commission.
SM Entertainment Plans On Reaching Out To Korea’s Fair Trade Commission Regarding HYBE’s Acquisition Of Its Shares
Stay tuned for updates.