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Wednesday, May 15, 2024

HYBE is the primary leisure firm on Korea’s conglomerate watchlist

South Korean leisure big HYBE has turn into the primary leisure firm added to South Korea’s conglomerate watchlist.

In keeping with stories by South Korean media, HYBE is one in all seven enterprise teams which have been added to the watchlist of the East Asian nation’s antitrust regulator, the Truthful Commerce Fee, per The Korea Occasions. The listing at the moment contains 88 conglomerates in complete, with HYBE being the one leisure firm.

“The rise within the variety of firms on this yr’s watchlist got here as leisure, leisure and tourism industries, amongst others, have grown markedly due to the rising reputation of Korean tradition and recovering shopper sentiment after the COVID-19 pandemic,” the regulator mentioned.

In keeping with The Chosun Day by day, conglomerates with belongings of 5trillion gained or extra are labeled as “giant companies” and are required to publicly disclose particulars about interaffiliate transactions, their possession construction and extra. HYBE’s complete belongings are estimated at 5.25trillion gained.

Per KBS World, the leisure big is the eighty fifth largest conglomerate in South Korea. HYBE notably owns a number of Ok-pop businesses, together with Huge Hit Music (BTS, Tomorrow X Collectively), Belift Lab (ENHYPEN, ILLIT), ADOR (NewJeans), Supply Music (LE SSERAFIM), Pledis Leisure (SEVENTEEN, fromis_9) and KOZ Leisure (BOYNEXTDOOR).

The transfer so as to add HYBE to South Korea’s conglomerate watchlist comes amid an more and more heated feud between ADOR CEO Min Hee-jin and HYBE over the possession of the NewJeans label. Simply final week, ADOR introduced an upcoming shareholder assembly to vote on whether or not to dismiss Min Hee-jin as CEO.

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