K Pop Battle Awakens New Wave of Shareholder Activism in Korea
March 6, 2023
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1:00Now PlayingK Pop Battle Awakens New Wave of Shareholder Activism in Korea
YouTube Description
as posted by the channelK-pop, #BTS’ Hybe, SM Entertainment and… shareholder activism? Bloomberg’s Selina Xu breaks down why the stakes are currently high in the world of #kpop.
Years after Paul Singer’s Elliott Management Corp. launched bitter battles against Samsung and Hyundai Motor, South Korea is warming to a new face of shareholder activism — one that’s local, vocal and young.
Hybe Co., the label behind boyband sensation BTS, has made a partial tender offer for SM Entertainment Co., another big K-pop agency. A homegrown investor activist, Align Partners Capital Management Inc., says Hybe should pay more and buy the entire company.
SM’s shares have climbed above the offer price, indicating investors are listening — and expect a better bid. It’s the latest example of how shareholder activism is on the rise across Asia, but what’s different is its protagonists are millennials steeped in the local culture who are using that knowledge to take on the old guard.
“In the past, shareholder activism was driven by foreign activists such as Carl Icahn and Elliott,” said Namuh Rhee, an adjunct professor at Yonsei University who previously worked for Nomura Holdings Inc. and Merrill Lynch. “It’s now driven by local activists who publish their proposals on their websites in Korean.”
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