Superstar boy band BTS's agency moves in on top K-pop rival by offering to snap up a leading stake

• Iconic boy band BTS's agency has offered to buy a majority stake in a key K-pop rival.
• Hybe Co. purchased a 14.8% stake in SM Entertainment and has offered to buy a further 25% share.
• SM's founder Lee Soo-man has backed the purchase as he fights against his own shareholders.

The agency behind iconic K-pop band BTS is seeking to snap up a controlling stake in a key rival as it aims to come out on top in an increasingly ugly battle for South Korea's music industry.

A filing shared ahead of the opening of the South Korean stock market shows Hybe Co., which manages boy band BTS, bought a 14.8% stake in SM Entertainment, which oversees acts including Super Junior and Girls' Generation.