Naver refuses to buy SM Entertainment

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NAVERwhich is known to compete with Cocoa and CJ ENM for the acquisition of a share in SM EntertainmentOn April 21 announced that it eventually decided to abandon its pursuit of acquisition.

On the same day NAVER announced: “We are considering various measures to increase the competitiveness of our business, but in this case we decided not to consider investments». This statement was made by Kim Nam Son, CFO NAVER.

See also: Naver criticized for selling Zepeto items reminiscent of Japanese colonial rule

NAVER and Cocoa received a request for clarification from Korea Exchange last May when Maeil Business News reported that the two companies were competing to acquire part or all of the shares SM Entertainment the largest shareholder Lee Su Man (19.21%).

Since then, both companies have repeatedly published clarifications explaining that there is currently no specific solution.

In October last year, it was announced that CJ ENM is also in talks to acquire a stake in SM Entertainmentthat attracted attention.

Official representative Cocoa also said that and Cocoa does not currently confirm the acquisition of shares SM Entertainment.

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