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| SM엔터테인먼트 이수만 전 총괄 프로듀서와 하이브 방시혁 의장 (사진 = 연합뉴스) |
[Alpha Biz=(Chicago) Reporter Kim Jisun] Hybe was found to have purchased Lee's stake in SM Entertainment's subsidiary for a total of 70 billion won when it bought former general producer Lee Soo-man's stake in SM Entertainment.
According to the SPA, Hybe acquired a total of 70 billion won in shares of SM Entertainment's subsidiaries, Dreammaker and SM Brand Marketing. Hybe is known to buy a stake in the former general-owned subsidiary together after the contract between the two sides was disclosed last month, but this is the first time that the specific amount of the acquisition has been revealed.
Related parties such as former general manager Lee and his children have held a 24.14% stake in Dreammaker and a 42.31% stake in SM Brand Marketing, but all of these companies have SM Entertainment as the largest shareholders. Dreammaker is a concert production and planning company, and SM Brand Marketing has been in charge of producing and distributing performance MDs. SM Brand Marketing is a company with a total asset of 28.8 billion won based on consolidated financial statements at the end of 2021. Sales are 45.2 billion won and operating profit is 6.3 billion won.
The industry pointed out that as Hybe buys only the former general family's shares, the company's stake value exceeds the general level, as the operating profit of its subsidiaries is not large and has a high proportion of internal transactions with its parent company SM Entertainment. Some stress that SM Entertainment does not need to acquire a stake in former general manager Lee as it already has the largest stake in the two subsidiaries.
Hybe has argued that he has given up the management premium on a grand scale in relation to the acquisition of Lee's stake in the subsidiary. On the 10th of last month, Hybe explained, "The agreement between the company and the former general manager Lee was reached to improve SM Entertainment's governance structure."
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
