BTS agency becomes biggest shareholder of K-pop industry rival SM

K-POP supergroup BTS’ management agency HYBE said today it had become the biggest shareholder of embattled rival SM Entertainment, whose founder has been mired in an ugly power struggle within his company.

SM was founded by Lee Soo-man, who is widely referred to as “the godfather of K-pop” and credited for producing key figures in an earlier generation of artists such as BoA, Girls’ Generation and TVXQ, which paved the way for the industry’s current success.