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Technology company Naver Corporation is thought to be investing ₩100 billion in SM Entertainment, the company behind K-pop stars NCT, EXO and Red Velvet
By IQ on 30 Jul 2020
South Korean technology firm Naver is investing in K-pop management company SM Entertainment, in a deal believed to be worth over €70 million.
SM Entertainment, one of the largest entertainment companies in Korea, is home to K-pop acts including EXO, Red Velvet, Super Junior, BoA, NCT and Girls’ Generation.
Naver Corporation, which operates Korean search engine Naver, mobile messaging service Line and live broadcasting app VLive, is not the first tech giant to show interest in SM, in which Chinese e-commerce company Alibaba took a 4% stake in 2016.
South Korean technology firm Naver is investing in K-pop management company SM Entertainment, in a deal believed to be worth over €70 million
Naver is believed to be acquiring shares worth approximately ₩100 billion (€71.2m), or just over 12% of the company, making it the second largest shareholder after SM Entertainment founder, Lee Soo-man.
According to AllKpop, Naver plans to use the intellectual property owned by SM Entertainment, which is home to acts including, to bolster content across its own platforms.
The deal follows a similar investment by Naver in fellow K-pop giant YG Entertainment, home to acts such as Blackpink, Big Bang and iKon, in 2017.
Founded in 1995, SM Entertainment is one of the big three Korean entertainment firms, along with YG Entertainment and BTS home Big Hit.
Last year, SM became the first K-pop company to join forces with a US talent agency, signing with Creative Artists Agency (CAA) for company-wide representation.
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