Hybe says it will halt SM Entertainment takeover bid, seek platform cooperation

▲ This file photo taken Feb. 21

Hybe-SM Entertainment

Hybe says it will halt SM Entertainment takeover bid, seek platform cooperation

SEOUL, March 12 (Yonhap) -- Hybe, the K-entertainment powerhouse behind global superstar BTS, said Sunday it has decided to halt its bid to take over industry giant SM Entertainment in an agreement with Kakao Corp.

The tech giant Kakao and its entertainment unit, Kakao Entertainment Corp., will have management control over SM Entertainment, while Hybe will cooperate with Kakao in the platform business, Hybe said in a press release.

Kakao said separately that it will continue to buy the shares of SM through March 26 as planned.

The dramatic deal came after weeks of an intensified battle between Hybe and Kakao, with the Kakao side having launched a tender offer.

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