![]() The unprecedented tussle inside the K-Pop industry has intensified amid speculation that more suitors may emerge to challenge Hybe’s bid for the talent studio behind K-Pop’s first forays overseas. Lee is stepping down as Hybe seeks to take control of SM by acquiring the founder’s 14.8% stake in the company and through a tender offer to buy up to 25% of shares from investors. Hybe is K-Pop group BTS’s management agency. Lee said in a Youtube video posted on Friday evening that he has responsibility for the current situation that has pitted SM’s management against company founder Lee Soo-man, who has aligned with rival Hybe Co. (Bloomberg) - SM Entertainment Co.’s Co-Chief Executive Officer Lee Sung-su said he will step down from his current role after a shareholder meeting in March, following turmoil caused by an escalating battle for control of the K-Pop entertainment giant.
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