 |
| ▲ This image provided by SM Entertainment shows the K-pop behemoth's Seoul headquarters. (PHOTO NOT FOR SALE) (Yonhap) |
SEOUL, Feb. 18 (Yonhap) -- SM Entertainment is selling KeyEast, the actor management agency home to stars like Kim Seo-hyung and Han Sun-hwa.
SM announced on Tuesday that it had selected Cheongdam Investment and KNT Investment as the preferred bidders for the sale. The deal is being managed by Deloitte Anjin.
SM stated, "Our subsidiary SM Studios, the largest shareholder of KeyEast, will proceed with negotiations with the preferred bidders on key contract terms."
KeyEast currently represents actors such as Kang Han-na, Kim Seo-hyung, Bae Jung-nam, Chae Jung-an, and Han Sun-hwa.
According to KeyEast’s Q3 2023 report, its largest shareholder is SM Studios, holding a 28.38% stake, with SM Entertainment Japan also owning 5.33%.
SM is expected to sell off its entire 33.71% stake in KeyEast. The move is seen as part of SM’s strategy to streamline its operations and focus on its core entertainment business as it marks its 30th anniversary.
SM co-CEO Jang Cheol-hyuk emphasized this direction on Feb. 10, stating, "We will remain a company dedicated to fundamentals and continuous improvement."
(C) Yonhap News Agency. All Rights Reserved
