The deal encompasses distribution and label services for the group, which was the subject of a BBC One miniseries earlier this year.
The Billboard Global Music Index rose 4.1% to a record 1,873.87, bringing its year-to-date gain to 22.2%.
The K-pop giant claims that Chen, Baekhyun and Xiumin have failed to pay a 10% intellectual property royalty fee — one the trio alleges they aren't obligated to pay.
With its “emotional pop,” the new SM Entertainment act is embracing authenticity and approachability — and winning a devoted, expanding fanbase.
The K-pop agency saw its stock briefly dip nearly 10% after the allegations, which also involved a member of the SM boy band Super Junior.
The home of such K-pop groups as aespa and RIIZE also passed a $20.8 million dividend at its general meeting of shareholders on Wednesday (Mar. 27).
HYBE owns 12.6% of outstanding SM Entertainment shares, up from 8.8% prior to the latest transaction.
The company attributed the revenue drop to smaller-sized concerts and “slow business conditions” for its content-related subsidiaries.
In the final week of 2023, the 20-stock music index gained 1.1% to 1,534.07.
Kakao chief investment officer Bae Jae-hyun is accused of inflating SM’s share price to thwart HYBE’s bid for a stake in the K-pop company earlier this year.
