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[Alpha Biz=(Chicago) Reporter Kim Jisun] The sale of SM Entertainment (SM) was announced on the 29th, saying, "It is not true." It is a direct rebuttal to the claim that behind-the-scenes consultations are underway with NCsoft and others to sell SM.
Rumors of the sale of SM began at the end of last year. This is because major executives, including Bae Jae-hyun, head of Kakao's investment division, were on the prosecution's investigation list on charges of manipulating the market price at the time of the acquisition of SM, and the entire group was in crisis. Some pointed out that Kakao pushed ahead with the excessive acquisition.
The recent audit of SM's financial statements and executives at the request of the board's audit committee has bolstered rumors of the sale. Kakao also demanded submission of data on the appropriateness of the investment conducted without prior consultation with its headquarters after SM was incorporated into Kakao through an external law firm.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
