SM Entertainment to grant Kakao exclusive rights to distribute albums, music: sources
K-popFeb 23, 2023
SM Entertainment has agreed to give Kakao Entertainment, a subsidiary of technology firm Kakao Corp., exclusive rights to circulate its albums and music as part of its alliance with the tech giant against rival K-pop company Hybe's takeover bid, music industry sources and investment banks said Thursday. They said the transfer of rights was included in a contract Kakao signed earlier this month to buy a 9.05 percent stake in SM through a rights offering and convertible shares and become a st