Through a media statement on March 15, 2023, HYBE founder Bang Si Hyuk made a shocking revelation
It was not my personal vision to acquire SM Entertainment.
Since 2019, HYBE has been putting its finger on acquiring SM Entertainment. HYBE made offers twice but was rejected. There were both support and opposition internally regarding the acquisition. Those who supported it, felt that there was a need to lean on their power to broaden our global outreach.