SM Entertainment shares soared 14% this week as markets fell.
The battle for control of K-pop company SM Entertainment has been a boon for its shareholders. SM’s stock rose 14.4% this week to 147,800 won after per share. Korea’s largest music company, HYBE, previously sought to acquire up to 40% of SM shares at 120,000 won per share. Its tender offer largely failed, however, with HYBE’s stake increasing just 1% — from 14.8% to 15.8% — as investors held out for a better offer.
Shares of Spotify declined 1.7% to $121.67 this week after it unveiled a slew of new product features at its annualon Wednesday. The company announced it has already surpassed the 500 million monthly active user target for the first quarter with an entire month remaining. In the U.S., the Dow index fell 1.1% and the S&P 500 declined 1.5%. The big news in the financial markets on Friday was the closure of Silicon Valley Bank, the country’s 18th largest bank with assets of nearly $213 billion,; it was a major player amongst the region’s tech companies and venture capital firms. It’s the second-biggest bank failure in U.S. history behind Washington Mutual at the height of the 2007-08 financial crisis.
The U.K.’s FTSE 100 Index declined 1.7%, Japan’s Nikkei 225 index declined 1.7% and Korea’s KOSPI index declined 1.0%.
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