Why does the future of SM Entertainment look so scary? Amidst a stock manipulation scandal, Kakao announced it will put up the K-pop juggernaut for SALE barely a year after it won a brutal ownership battle against HYBE in 2023.

Did Kakao really engage in illegal stock manipulation and why did regulators make such a big deal out of these accusations? Most importantly, who wants SM Entertainment now? Will HYBE make another move to acquire its biggest historical rival? Or will it join us in the audience with special BigHit popcorn?

0:00 Intro
1:30 Quick recap of Hybe vs. Kakao for SM Entertainment
4:10 SM Entertainment partnered with Kakao
5:20 CEO of Kakao Accused of Stock Manipulation
7:18 Why Stock Manipulation is a Big DEAL
9:30 Did Kakao Really Commit a Crime?
10:05 Early February 2023: 91,000 won per share
11:15 HYBE acquires 15% of SM from Founder
12:20 HYBE Creates Winning Path with ‘Tender Offer’ of 120,000 won per share
15:00 But HYBE’s Tender Offer Gets Sabotaged
15:50 Did Kako Illegally Drive SM Entertainment Shares to 130,000 won?
17:55 Early March 2023: Kakao Offers Its Own Tender Offer of 150,000 won per share
19:00 But Investors Got Screwed
21:29 How Kakao is Being Investigated
22:25 What Does Kakao Want by Selling SM Entertainment?
23:30 HYBE’s Actual Ownership Percentage of SM Entertainment
26:00 Did Lee Soo-man and Min Hee-jin Plot to Retake SM Entertainment?
27:50 Does HYBE want SM Entertainment again?

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