CJ ENM has reportedly acquired all of Lee Soo Man‘s shares in SM Entertainment for ₩630 billion KRW (about $533 million USD).
According to an exclusive report from Maeil Kyungjae, CJ ENM has agreed to purchase all of Lee Soo Man’s shares of SM Entertainment totaling 18.53% of the company for ₩630 billion KRW (about $533 million USD). The two sides have signed a memorandum of understanding (MOU) for the deal. The deal values SM Entertainment at a total of ₩3.40 trillion KRW (about $2.87 billion USD), 1.8 times the current market capitalization
CJ ENM executives Lee Jae Hyun and Lee Mi Kyung were said to have been very active in the negotiation process with SM Entertainment. Should the acquisition be confirmed, CJ ENM will secure a place as one of Korean Entertainment’s most powerful companies, with unrivaled capabilities in movies, K-Dramas, entertainment, and music.