Relax. It's twister proof!

Okay. God. It's been a while, but as I mentioned, I wanted to wait for some facts before posting again.

Which we now have! However, I am tired tired person and this whole situation is getting more sad by the day so I apologize if this is less funny and shorter than it might really warrant.

If you're just now getting to the primer, get caught up here:

Parts 1-3 (the backstory)
Part 4 (the Hybe acquisition)
Part 5 (the mudslinging)
Part 6 (the propaganda)

If you want to keep up with this on the daily, follow TMIKpop on twitter.

Usual disclaimer: Not a finance professional. Not a lawyer. Not Korean. Much of this content I read using google translate.

My personal speculation will be in bold, though there will likely be less of that this time around since potential scenarios are spiraling out of control.

( Part 7: The SM stock multiverse. Madness! )

And that is all the updates as of March 5, 2023, 10AM MST

Hello again!

I wasn't expecting to make another entry so soon, but I should've expected this episode of Kpop Succession to get even wilder.

If you're new here, check out Parts 1-3 (the backstory) or get caught up on the new drama of 2023 in Part 4.

As always, I am not a finance bro, I am not a lawyer, I am not Korean, I don't live in Korea, and in no way shape or form do I consider myself an expert on finance, law, or Korea. I am simply a business drama enthusiast who has been following this story for years.

I also need to give a shout out to tmikpop on twitter who is doing the lord's work finding and summarizing the Korean articles on this, many of which I will be referencing in this post.

Once more, I will ensure all personal speculation is in bold.

( Part 5: Let the mudslinging begin. Messy! )

And that's where we are as of 5pm MST on February 17. I will probably do my next update on the 23rd, after we learn more about the Kakao injunction, unless something even bigger and crazier happens.

UPDATE: Part 6: The court and public opinion. All rise!

Hi Friends! It's "Caro finally uses her dreamwidth" time again!

Today's primer is a little different. Rather than a group, I wanted to gather all my thoughts, currently spread across several twitter threads, on the SM Entertainment Stock Drama into a single post.

Especially since we have no idea when twitter will die or just, you know, decide to stop threading things or something.

Why should you care about the SM Entertainment Stock Drama?

Well, much like every other company (Twitter being a great example), product direction starts with the vision of the leadership. For years and years, that has been Lee Soo Man, henceforth known as LSM. While he hasn't been the CEO, he has been the largest shareholder (aka stock owner) and has also had the biggest hand in the company's creative direction due to his ownership of their production company Like Planning.

In the last two years, however, his power and influence has been eroded bit by bit, until we find ourselves viewing the situation that unfolded today, where it was announced he is suing his own company.

Now, you should also be asking "why do you care so much Caro? And how can we trust your analysis?"

The first answer is easy: I'm a giant fucking nerd for this shit.

The second answer is less so. While I don't work in finance or law, and very specifically do not work in Korea or am familiar with Korean laws, I do work in Marketing and have spent the majority of my career in corporate spaces. I study the way people make decisions and the way people/media talk about decisions as a part of what I do for a living.

My philosophy about CEOs, especially those like LSM who are known as giants in their field, is "they will go where their ego leads." We're seeing this with the recent Twitter acquisition and, importantly, we're also seeing this play a large role in the SM Stock Drama.

This primer will be both a collection of facts and some of my own personal speculation. I will do my best to call out when I am being speculative, though feel free to ask me questions in the comments.

( Part 1: LSM wants to sell his stock. Or doesn't! )

( Part 2: Align Partners versus Like Planning. Fight! )

( Part 3: A new era at SM Entertainment. Betrayal! )

Anyway, that is where things stand as of February 7th, 2023. I'll probably continue to add entries as this situation evolves.

UPDATE: Head here to read Part 4: The Deal with the Devil