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On October 10th, according to information released by the Houthi rebels in Yemen, the Saudi-led coalition launched an airstrike on Sanaa International Airport, the Houthi-controlled capital of Yemen, dropping four bombs on the afternoon of the 10th local time. In addition, the Saudi-led coalition also launched an airstrike on a communications facility in Hajjah province, also controlled by the Houthis, dropping three bombs. Saudi Arabia has not yet responded to these reports.On October 10, Russian Presidential Press Secretary Dmitry Peskov said that during his trip to Turkmenistan for the CIS Heads of State Council meeting and the Caspian Sea Eco Summit, Putin informed Iranian President Sergei Pezechzian that he would speak with Donald Trump. Following consultations with Pezechzian, Putin conveyed Irans proposals for resolving the conflict to Trump during his call with Trump on October 9. However, Peskov did not disclose the specific details of Irans proposals.According to the Palestinian National News Agency, Palestinian President Mahmoud Abbas issued a decree cancelling the Legislative Council elections originally scheduled for November 28, 2026, and rescheduling the presidential and Legislative Council elections for September 11, 2027.On October 10, the General Staff of the Armed Forces of Ukraine announced that Ukrainian troops had again attacked the Samara linear production dispatch station in Russias Samara region. The extent of the damage is still being assessed. The Ukrainian side stated that the station is a major hub for receiving, storing, and blending crude oil for Russia, playing a crucial role in ensuring the needs of the Russian military. Furthermore, the Ukrainian military confirmed that four storage tanks were destroyed and a large fire broke out during the attack on the station on October 7. Ukraine stated that such attacks are aimed at weakening Russias military and economic potential.Russia appoints governor: Four civilians have been killed in the Russian-controlled Luhansk region of Ukraine in the past 24 hours.

BTS Agency HYBE Aims to Acquire K-pop Competitor SM Entertainment

Charlie Brooks

Feb 10, 2023 11:10

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South Korean entertainment business HYBE announced on Friday that it will acquire $335 million worth of shares in rival SM Entertainment in order to bolster its dominance in the K-pop sector.


The transaction will make HYBE the top shareholder of SM Entertainment, as it acquires a 14.8% stake in its rival from the previous largest shareholder and SM founder, Lee Soo-man, for an 18.4% stake, the company stated in a statement.


"HYBE agrees completely with former Chief Producer Lee's strategic ideas, such as metaverse, a multi-label system, and the sustainable vision campaign," stated HYBE Chairman Bang Si-Hyuk.


The agency HYBE oversees the K-pop supergroup BTS. NCT and Aespa are two further popular K-pop bands that call SM their home.


Friday, HYBE also made an offer for SM shares owned by minority owners, attempting to acquire up to 25 percent of the rival agency in order to acquire managerial powers.


SM, JYP, and YG Entertainment dominated the South Korean pop music industry for many years, until the international success of K-pop boy band BTS made HYBE larger than the other three.


But over the next couple of years, all seven BTS members are slated to complete their military service, beginning with Jin, the group's oldest member, who enlisted in December. The septet will not return in its entirety until 2025.


Kim Do Heon, a music critic, believes that SM Entertainment's large portfolio may prove economically advantageous for HYBE now that the group is on hiatus.


"HYBE grew into a giant, but its flaw was that it lacked a legacy. SM is a corporation that has existed throughout the history of K-pop and will bring its legacy to HYBE "Kim stated.


As of 11:05 a.m., HYBE and SM Entertainment shares were up 6% and 16%, respectively (0205 GMT).


This Monday, the South Korean tech company Kakao Corp announced that it would purchase a 9.05 percent share in SM Entertainment in order to develop cooperative ventures, such as global K-pop auditions.

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