K-pop pioneer SM engulfed in heated management dispute

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The story "K-pop pioneer SM engulfed in heated management dispute" was covered 1 months ago by Korea Economic Daily, a news publisher based in South Korea.

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K-pop pioneer SM engulfed in heated management dispute - Korea Economic Daily

Quick Summary:

Kakao signed the deal in about two weeks that SM’s board and local activist fund Align Partners Capital Management joined forces to improve the K-pop behemoth’s corporate governance.On Jan.20, SM said it has decided to tap Align Partners CEO Lee Chang-hwan as a board member and encourage more professionals to be listed on its music production credits, reducing dependence on Chief Producer Lee’s direction.

CHIEF PRODUCER LEE DECLARES TO FIGHTSeoul-based Yoon & Yang LLC, a major law firm and SM chief producer’s legal agent, said on Tuesday it will issue a preliminary injunction against Kakao’s deal.“SM’s issuance of new shares and CBs clearly violates Korea’s commercial act and the company’s articles of association, while the company is in a feud over management rights.

Kakao Corp., a South Korean mobile platform giant and operator of the country’s largest messenger app Kakao Talk, is set to become the second-largest shareholder of K-pop pioneer SM Entertainment Co., by acquiring new shares and convertible bonds (CBs).