SOUTH Korea’s Hybe Corporation may have lost the battle to buy over rival SM Entertainment, but it has gained some leverage that may still help it win investors seeking a slice of the K-pop action.

Hybe – the management company behind K-pop megastars BTS – now owns a large enough stake to have some influence on SM. It also walked out of the deal with a partnership for its fan platform business.

Since February, Hybe had been in a battle with South Korean Internet giant Kakao to take over SM Entertainment – a rival entertainment agency regarded as a pioneer in taking the K-pop genre to the rest of the world.