BTS agency HYBE joins battle for South Korea's SM with tender offer

BTS agency HYBE joins battle for South Korea's SM with tender offer

FILE PHOTO: Members of K-pop boy band BTS pose for photographs during a news conference promoting their new album "BE(Deluxe Edition)" in Seoul, South Korea, November 20, 2020. REUTERS/Heo Ran/File Photo

HYBE, manager of South Korean boy band BTS, announced a deal on Friday to buy a 14.8% stake in rival SM Entertainment from its founder, escalating a corporate battle between the godfather of K-pop and estranged management.

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