As Naver backed out of the bidding war to acquire SM Entertainment, now the industry is focusing on Kakao and CJ ENM. 

Particularly, many are keeping their eyes on Kakao but Lee Soo Man's high demands are still deterring the potential buyers. Previously, Naver's chief financial officer Kim Nam Sun announced that the company has decided not to review investment in SM Entertainment. The announcement came after a year since Naver took part as a potential buyer. 

The industry experts speculate Lee Soo Man's demand to keep his current level of influence on the administrative decisions even after he sells off 18.27% of his shares was what ultimately drove Naver out. 

Now that there are Kakao and CJ ENM at the M&A table, however, it was reported CJ ENM hesitated after hearing Lee Soo Man's demands. Further, Kakao Entertainment has yet to seal the deal because of the said demands although it attempted to close the deal back in March.  

Industry experts say his conditions are due to the fact Lee Soo Man won't be able to make profits from his own personal content-producing company affiliate after he sells off his shares. 

Meanwhile, Kakao recently announced to its shareholders that they have continued to seek various ways to strengthen its global content business yet nothing has been confirmed.