CJ ENM’s acquisition of SM Entertainment has failed.
On February 24, CJ ENM announced that it has finally decided not to acquire SM.
CJ Group has long been known to have paid attention to the acquisition of SM and has been considered a likely new owner of SM since early 2021 when the rumors of the acquisition of SM first started.
After HYBE became the largest shareholder of SM, there was even a rumor that they would join hands with Kakao, the second-largest shareholder, to jump into the acquisition race. This is the first time that CJ has officially announced their position on the acquisition of SM.
CJ ENM finally announced the failure to acquire SM through this announcement. They said, “We reviewed the acquisition of shares in SM Entertainment Co., Ltd. and business synergy to strengthen the music content business, but we finally decided not to take over.”
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