Kakao purchase of SM Entertainment shares blocked by court
![An office of SM Entertainment in Seoul [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2023/03/03/50c54a5d-8c5d-49a6-87a0-02f6713cedce.jpg)
An office of SM Entertainment in Seoul [YONHAP]
An injunction has been issued stopping SM Entertainment from selling new shares to Kakao.
SM Entertainment founder Lee Soo-man had filed for the injunction.
The decision by Seoul’s Eastern District Court represents a major win for the founder and HYBE, which together are seeking to block Kakao’s purchase of SM Entertainment shares.
Kakao is seeking to buy 9.05 percent SM Entertainment and enter into a strategic alliance with the agency for music production and distribution.
BY PARK EUN-JEE [park.eunjee@joongang.co.kr]
with the Korea JoongAng Daily
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