Navers’ acquisition of SM and Lee Sooman’s shares also falls through

Article: Naver, “We will not take over SM Entertainment” … Cocoa, “unconfirmed”

Source: Asia Economy

Naver has also decided not to invest in SM Entertainment.

The 21st. Naver CFO Kim Nam-seon stated, “We are reviewing various initiatives as part of strengthening our company’s competitiveness, but we have decided not to review investments in SM.”

Naver competed with Cocoa and CJ ENM to acquire SM and Lee Soo-mand‘s 19.21% stake, but it seems they have also decided not to invest in the company.

Meanwhile, negotiations with Kakao are currently stalled after Lee Soo-man made further last-minute demands for more money and management rights. A Cocoa official stated, “We are still undecided.”

  1. [+1,187, -6] Naver is smart.
  2. [+478, -9] Lee Soo-man’s greed is the source of all problems ㅋㅋ
  3. [+254, -29] Naver is realistic, SM is a dry hole ~
  4. [+234, -40] SM was worth something as they had Girls Generation and BoA. Red Velvet is a flop because of Irene, so do they have anything at all now?
  5. [+120, -6] Ah, Lee Soo-man’s greed becomes the goose that eats up all the possibilities of the SM.
  6. [+57, -1] Aespa, who came out with the ‘Dreams Come True’ remake at the height of their popularity, was proof that SM has lost touch. Was there really no other song they could promote that they had to choose it? Why get a popular idol to make such a remake ㅋㅋ
  7. [+38, -1] Please someone, take over SM and prevent them from taking in Chinese idols. Lee Soo-man should resign if he has lost touch, and stop occupying Chinese money.
  8. [+33, -0] What did they expect after the old man made such bizarre requests to retain management rights after handing over his shares? He has lost his mind.
  9. [+32, -0] Who wants to acquire SM when they are in decline ??
  10. [+29, -1] SM got big back then because of Girls Generation, do they have anything to do for them at all now? They’re just your typical nugu now.
  11. [+21, -0] Who would play a fool for Lee Soo Man lol
  12. [+11, -1] I knew this would happen ㅋㅋㅋ. Why should conglomerates make sure to take into account Lee Soo-man ㅋㅋㅋ. It’s not like he has a trend idol group like BTS.

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