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The battle for control of K-pop label SM Entertainment has been a boon for its shareholders. SM shares rose 14.4 percent this week to 147,800 won ($111.95) Kakao launches tender offer, seeking 35% stake at KRW 150,000 per share ($113.62). HYBE, South Korea’s largest music company, had previously sought to acquire up to 40 percent of SM for 120,000 won ($90.89) per share. However, its takeover bid largely failed, with HYBE’s stake increasing just 1% — from 14.8% to 15.8% — as investors insisted on a better offer.
SM is one of only three stocks in the 20-company Billboard World Music Index this week. Abu Dhabi-based music streamer Anghami rose 5.5 percent and German concert promoter CTS Event rose 1.5 percent. The overall Global Music Index fell 3.9 percent to 1,192.56.
Shares of Spotify fell 1.7 percent this week to $121.67 after the company unveiled a slew of new product features at its annual conference StreamOn event Wednesday. The company announced that it had surpassed its goal of 500 million monthly active users in the first quarter, with a full month to go.
In the US, the Dow fell 1.1% and the S&P 500 lost 1.5%. The big news in financial markets on Friday (March 10) was the closure of Silicon Valley Bank, the 18th largest U.S. bank with nearly $213 billion in assets, According to the Federal Financial Institutions Examination Board; it is a major player in technology companies and venture capital firms in the region. It was the second-largest bank failure in U.S. history behind Washington Mutual at the height of the 2007-08 financial crisis.The Federal Deposit Insurance Corporation is appointment SVB’s receivers on Friday will give insured depositors access to their funds by Monday.
Britain’s FTSE 100 fell 1.7%, Japan’s Nikkei 225 fell 1.7% and South Korea’s KOSPI fell 1.0%.
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