Kakao wins takeover battle for SM Entertainment as HYBE drops bid

Kakao wins takeover battle for SM Entertainment as HYBE drops bid

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

HYBE Co Ltd, the agency representing top-selling South Korean boy band BTS, dropped its plan to take control of K-pop pioneer SM Entertainment Co Ltd, the company said on Sunday.