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Games & Commerce

Prosecutors seek 15 years for Kim Bum-soo in appeal over SM stock manipulation

South Korean prosecutors asked an appeals court to sentence Kim Bum-soo (김범수), head of Kakao\'s Future Initiative Center, to 15 years in prison and a 510 million won fine over alleged stock-price manipulation during Kakao\'s bid for control of SM Entertainment. They also sought 12 years for Bae Jae-hyun and fines for Kakao and Kakao Entertainment. Kim was acquitted at trial, and prosecutors appealed.

Games & Commerce

Eyes Entertainment hires former Kakao Entertainment vice president Cha Sang-hoon as CSO

Eyes Entertainment said on Tuesday it has hired former Kakao Entertainment vice president Cha Sang-hoon as its new chief strategy officer. Cha will oversee the company’s management and business strategy, including mid- to long-term planning, identifying new business opportunities and expanding strategic partnerships. The company said the appointment aims to strengthen groupwide strategy and execution capabilities as it launches new services and enters a growth phase.

Games & Commerce

HYBE posts Q2 operating profit of 170.9 billion won, up 159.3 percent

HYBE reported a second-quarter operating profit of 170.9 billion won, up 159.3 percent from a year earlier, in a preliminary tally filed on July 28. Revenue rose 105.5 percent to 1.45 trillion won and net profit climbed 613 percent to 109.8 billion won. The company said quarterly sales and operating profit hit record highs, supported by artist comebacks, world tours and higher merchandise and licensing revenue. Weverse monthly active users reached 14.43 million.