Following HYBE acquiring Lee Soo Man‘s shares in SM Entertainment, now the internal war is basically down to who minority shareholders will sell to/side with. Lee Sung Soo‘s side has been releasing video after video targeting shareholders, and now HYBE is responding with an ‘SM With HYBE’ campaign, highlighting their business strategy and plans for said shareholders.
They specifically mention the Kakao deal as a bad one, saying they’ll protect investors from it.
According to HYBE, the campaign “is to protect shareholder value from inappropriate actions by the current management at SM. It aims to put an end to an unequal partnership contract with Kakao, unrealistic and unsubstantiated financial projections, and emotional messages that gloss over public opinion, all of which the current SM management initiated.”
How serious are they about shitting on the Kakao deal? Well, one noteworthy thing that has already attracted backlash was HYBE bringing up that the SME deal with Kakao has been compared to the 1905 Eulsa Treaty.
That treaty was between Korea and Japan, and paved the way for their annexation and colonization. Even if they are technically trying to pass it off as reactions from others, citing one of the darkest moments in Korean history for your dumbass M&A is fucked enough as it is, but they also did it on March 2, the day after the March 1 national holiday celebrating their independence movement from that colonization.
I’m sure there’s other stuff to analyze from the videos, but this jumped out at me. What the fuck.