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Korea’s Hybe Completes Purchase of 14.8% Stake in Rival SM

A logo of SM Entertainment is seen at its headquarters in Seoul, South Korea, Monday, Feb. 20, 2023. (AP)
A logo of SM Entertainment is seen at its headquarters in Seoul, South Korea, Monday, Feb. 20, 2023. (AP)
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Korea’s Hybe Completes Purchase of 14.8% Stake in Rival SM

A logo of SM Entertainment is seen at its headquarters in Seoul, South Korea, Monday, Feb. 20, 2023. (AP)
A logo of SM Entertainment is seen at its headquarters in Seoul, South Korea, Monday, Feb. 20, 2023. (AP)

Hybe, the South Korean entertainment company behind K-pop sensation BTS, said Wednesday that it has completed its acquisition of a 14.8% stake in rival SM Entertainment, making it SM’s largest single shareholder.

The acquisition was finalized even as SM Entertainment accused Hybe staging a hostile takeover to control the firm by purchasing shares from Lee Soo-man, SM’s founder. Lee's influence in the firm has waned after an activist fund successfully campaigned for stricter oversight of its corporate governance.

Hybe earlier said it plans to purchase a further 25% of SM shares from investors at 120,000 won per share, which would take its total stake to almost 40%.

In an open letter to “fans, artists, employees and shareholders” of SM Entertainment on Wednesday, Hybe CEO Park Jiwon said that SM will move to become a company with a “transparent governance structure that prioritizes shareholder value.”

SM will be given “complete autonomy” when it comes to creative work akin to the other labels operated by Hybe, he said.

He said Hybe would also actively support SM artists’ endeavors. SM is behind popular K-pop acts such as boy-group NCT and girl-group aespa.

On Monday, SM’s CFO Jang Cheol-hyuk published a YouTube video criticizing Hybe’s takeover bid, arguing that such a move would lead to a monopolization of the industry, rising costs for fans. SM’s artists might be at a disadvantage to Hybe’s artists, he said.

Combined, both SM and Hybe account for 70% of revenues from albums and digital music in the K-pop industry.

“A lot of indicators of market share imply that HYBE’s acquisition of SM will undermine fair competition, which clearly shows that this acquisition is unfair,” Jang said. “Ultimately, K-pop fans will be the ones that will be most affected by the monopoly.”

Hybe’s bid for a bigger stake in SM came days after technology firm Kakao Corp said it would buy a 9.05% stake in SM through a rights offering and convertible shares and become a strategic partner of SM. SM had planned to expand its IP monetization and leverage Kakao’s messaging, social and entertainment platforms.

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Entertainment

Affable Comedy Acting Legend Dick Van Dyke Turns 100 Years Old

Dick Van Dyke accepts the award for outstanding guest performance in a daytime drama series for "Days of our Lives" during the 51st Daytime Emmy Awards on Friday, June 7, 2024, at the Westin Bonaventure in Los Angeles. (AP)
Dick Van Dyke accepts the award for outstanding guest performance in a daytime drama series for "Days of our Lives" during the 51st Daytime Emmy Awards on Friday, June 7, 2024, at the Westin Bonaventure in Los Angeles. (AP)
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Affable Comedy Acting Legend Dick Van Dyke Turns 100 Years Old

Dick Van Dyke accepts the award for outstanding guest performance in a daytime drama series for "Days of our Lives" during the 51st Daytime Emmy Awards on Friday, June 7, 2024, at the Westin Bonaventure in Los Angeles. (AP)
Dick Van Dyke accepts the award for outstanding guest performance in a daytime drama series for "Days of our Lives" during the 51st Daytime Emmy Awards on Friday, June 7, 2024, at the Westin Bonaventure in Los Angeles. (AP)

Comedy icon Dick Van Dyke celebrated his 100th birthday on Saturday, hitting the century mark some six decades after he sang and danced with Julie Andrews in "Mary Poppins" and starred in his self-titled sitcom.

"The funniest thing is, it’s not enough," Van Dyke said in an interview with ABC News at his Malibu, California home. "A hundred years is not enough. You want to live more, which I plan to."

As part of the celebration of Van Dyke's birthday this weekend, theaters around the country are showing a new documentary about his life, "Dick Van Dyke: 100th Celebration."

Van Dyke became one of the biggest actors of his era with "The Dick Van Dyke Show," which ran from 1961-66 on CBS; appeared with Andrews as a chimney sweep with a Cockney accent in the 1964 Disney classic "Mary Poppins" and, in his 70s, played a physician-sleuth on "Diagnosis: Murder."

Also a Broadway star, Van Dyke won a Tony Award for "Bye Bye Birdie" to go with a Grammy and four Primetime Emmys. In 1963, he starred in the film version of "Bye Bye Birdie."

Just last year, he became the oldest winner of a Daytime Emmy, for a guest role on the soap "Days of Our Lives."

In the 1970s, he found sobriety after battling alcoholism, and spoke out about it at a time when that was uncommon to do.

Now that he has hit triple digits, Van Dyke said he's gotten some perspective on how he used to play older characters.

"You know, I played old men a lot, and I always played them as angry and cantankerous," he told ABC News. "It's not really that way. I don't know any other 100-year-olds, but I can speak for myself."

He recently imparted wisdom about reaching the century mark in his book, "100 Rules for Living to 100: An Optimist’s Guide to a Happy Life." He credited his wife, 54-year-old makeup artist and producer Arlene Silver, with keeping him young.

"She gives me energy. She gives me humor, and all kinds of support," he told ABC News.

Van Dyke was born in West Plains, Missouri, in 1925, and grew up "the class clown" in Danville, Illinois, while admiring and imitating the silent film comedians.

He told ABC News he started acting when he was about 4 or 5 years old in a Christmas pageant.

"I made some kind of crack, I don't know what I said, but it broke the congregation up," he said. "And I liked the sound of that laughter."

And what's hard about being 100?

"I miss movement," he told ABC News. "I've got one game leg from I don't know what."

"I still try to dance," he said with a laugh.

Entertainment

Disney’s ‘Zootopia 2’ Set to Join $1 Billion Box Office Club

This image released by Disney shows Nick Wilde, voiced by Jason Bateman, left, and Judy Hopps, voiced by Ginnifer Goodwin, in a scene from "Zootopia 2." (Disney via AP)
This image released by Disney shows Nick Wilde, voiced by Jason Bateman, left, and Judy Hopps, voiced by Ginnifer Goodwin, in a scene from "Zootopia 2." (Disney via AP)
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Disney’s ‘Zootopia 2’ Set to Join $1 Billion Box Office Club

This image released by Disney shows Nick Wilde, voiced by Jason Bateman, left, and Judy Hopps, voiced by Ginnifer Goodwin, in a scene from "Zootopia 2." (Disney via AP)
This image released by Disney shows Nick Wilde, voiced by Jason Bateman, left, and Judy Hopps, voiced by Ginnifer Goodwin, in a scene from "Zootopia 2." (Disney via AP)

Walt Disney Animation Studios' "Zootopia 2" is on track to surpass $1 billion at the global box office, the company said on Friday, as the sequel continues its strong run in international markets.

The film, which revisits the bustling animal metropolis of "Zootopia," features returning characters Judy Hopps, a rabbit police officer voiced by Ginnifer Goodwin, and her fox partner Nick Wilde, voiced by Jason Bateman.

The duo embarks on a new adventure that blends humor and social themes, echoing the formula that made the original a hit.

"Zootopia 2" opened strongly over the US Thanksgiving weekend, giving Hollywood a boost at the start of the critical holiday season.

The film's runaway success has been fueled by an extraordinary reception in China, where "Zootopia 2" dominated the box office during its opening weekend, accounting for roughly 95% of all ticket sales nationwide.

The original "Zootopia" also became China's most popular foreign animated film when it was released in 2016.

The performance offers welcome relief for theater operators hoping for packed cinemas through Christmas, traditionally the second-busiest moviegoing period of the year. Global box office receipts have yet to return to the pre-pandemic levels seen in 2019.

Entertainment

Disney to Invest $1 Billion in OpenAI, License Characters for Sora Video Tool

FILE PHOTO: The main gate of entertainment giant Walt Disney Co. is pictured in Burbank, California May 5, 2009. REUTERS/Fred Prouser
FILE PHOTO: The main gate of entertainment giant Walt Disney Co. is pictured in Burbank, California May 5, 2009. REUTERS/Fred Prouser
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Disney to Invest $1 Billion in OpenAI, License Characters for Sora Video Tool

FILE PHOTO: The main gate of entertainment giant Walt Disney Co. is pictured in Burbank, California May 5, 2009. REUTERS/Fred Prouser
FILE PHOTO: The main gate of entertainment giant Walt Disney Co. is pictured in Burbank, California May 5, 2009. REUTERS/Fred Prouser

Walt Disney is investing $1 billion in OpenAI and will let the startup use characters from Star Wars, Pixar and Marvel franchises in its Sora AI video generator, a crucial deal that could reshape how Hollywood makes content.

The three-year partnership announced on Thursday is a pivotal step in Hollywood's embrace of generative artificial intelligence, side-stepping the industry's concerns over the impact of AI on creative jobs and intellectual property rights.

As part of the licensing deal, Sora and ChatGPT Images will start generating videos using licensed Disney characters such as Mickey Mouse, Cinderella and Mufasa, from early next year. The agreement excludes any talent likenesses or voices.

"Through this collaboration with OpenAI we will thoughtfully and responsibly extend the reach of our storytelling through generative AI, while respecting and protecting creators and their works," Disney CEO Bob Iger said.

OpenAI has been engaging with Disney and others in Hollywood for the past year in its search for partners, a person with knowledge of the discussions said.
The move marks a major shift in Disney's approach to AI - the company had decided to keep out its characters from the Sora app when OpenAI was in talks with companies regarding the tool's copyright policy.

Disney and Comcast's Universal had in June filed a copyright lawsuit against AI photo generation firm Midjourney for its use of the studios' best-known characters.

As part of the agreement with OpenAI, a selection of the videos by users will be made available for streaming on Disney+, allowing the streaming platform to capitalize on the growing appeal for short-form video content.

The media conglomerate will also receive warrants to purchase additional equity in the ChatGPT maker.

The companies will use OpenAI's models to build new products and customer experiences, including for Disney+ subscribers, while Disney will deploy ChatGPT for its employees, Reuters reported.

The partnership comes months after Hollywood's premier talent agency sharply criticized the same technology Disney is now embracing.

Creative Artists Agency, which represents thousands of actors, directors and music artists, said in October OpenAI was exposing artists to "significant risk" through Sora, questioning whether the AI company believed creative professionals "deserve to be compensated and credited for the work they create".