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Kakao Chairman Indicted for Stock Manipulation in SM Entertainment Acquisition

On August 8, KST, the Seoul Southern District Prosecutor’s Office, indicted Kim Beom Soo, the founder and chairman of Kakao, for violating the Capital Market Act. This indictment marks a significant turn in the ongoing legal drama, as Kim will face trial while in detainment.

The Kakao Chairman faces trial for allegedly manipulating SM Entertainment stock prices during a high-profile acquisition battle

Moreover, charges against Kim Beom Soo are severe, centering around allegations that he manipulated the stock prices of SM Entertainment in February 2023. At that time, HYBE Labels, a major competitor, had issued a tender offer at 120,000 KRW per share in a bid to acquire SM Entertainment.

In a bold move to thwart HYBE’s acquisition, Kim Beom Soo, alongside Kakao, allegedly conspired with the private equity firm One Asia Partners. Together, they reportedly mobilized over 240 billion KRW (approximately $175 million USD), purchasing a significant amount of SM stocks at inflated prices. This strategic action was intended to fix SM’s stock prices above HYBE’s offer, effectively blocking HYBE from securing a controlling stake in the company.

In addition to Kim Beom Soo, former Kakao CEOs Hong Eun Taek and Kim Sung Soo were also implicated in the scheme. Both were indicted on the same charges, although they will face trial without detainment.

The indictment of such high-profile figures has sent shockwaves through the business community and beyond. With the trial looming, the outcome could have far-reaching implications for corporate governance and market practices in South Korea.

As the case unfolds, many are watching closely to see how this legal battle will impact not only Kakao and SM Entertainment but also the broader entertainment and tech industries.

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SM Entertainment, Kakao to Release Nct Webtoon & Riize Web Novel

SM Entertainment has partnered up with Kakao Entertainment to launch a webtoon and web novel for their K-pop boy groups NCT and RIIZE, respectively. 

On Thursday, August 17, Kakao Entertainment announced the news, saying that the projects will be in commemoration of NCT’s upcoming album and RIIZE’s anticipated debut. 

 

As for NCT, the full group will be releasing their fourth studio album Golden Age on August 28. All 20 members of NCT’s different subgroups; NCT 127, NCT Dream, and WayV, will take part in the album.

 

Additionally, the album will have two title tracks, including the full unit songGolden Age.” Prior to the album release, NCT will also hold their first-ever offline concert as a full group on August 26. 

As for RIIZE, the seven-piece act will debut on September 4 with the single album Get A Guitar. Interestingly, RIIZE will serve as the agency’s first boy group in seven years following NCT.

 

What we know about NCT’s webtoon and RIIZE’s web novel 

According to a press release, the webtoon about NCT will be titled NCT: Dream Contact, while RIIZE’s web novel is called Rise & Realize. 

For NCT: Dream Contact, it’s going to be an omnibus-style webtoon that has a total of five episodes. It will follow NCT’s concept of people empathizing through dreams and becoming one through music. 

Writers ZQ, Seogeul, and Kim Ho Ae are in charge of the production. NCT: Dream Contact will be released simultaneously in Japan and North America via  via Kakao Webtoon and Kakao Page at August 18, 10 pm. 

On the other hand, Rise and Realize will be a web novel that have a total of eight episodes. It will be released on Kakao Page every Saturday starting August 19. 

Moreover, Rise and Realize will see the members of RIIZE as characters in the novel as they try to overcome growing pains. Writer No Gon and illustrator Nak Di created the novel. 

Furthermore, Kakao Entertainment expressed that it’s a “meaningful” collaboration with SM Entertainment. 

We plan to continue to carry out various projects on storytelling IP targeting the global market in the future,” they said. 

Featured image: SM Entertainment’s boy groups NCT and RIIZE will be having their webtoon and web novels. Credit: Twitter/SPOTV

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