SM Entertainment Agency Acquired Two Big Companies, KeyEast and FNC Add Culture

INDUSTRY.co.id - South Korea - South Korea's renowned agency, SM Entertainment apparently does not run out of ways to expand its business in the entertainment world. SM Entertainment is rumored to again acknowledge the two big companies, namely KeyEast Entertainment and FNC Add Culture.

KOSDAQ (Korea Securities Dealers Automated Quotations) has announced SM Entertainment purchased the KeyEast Entertainment agency and FNC Add Culture drama production house, a sub-label of FNC Entertainment, on Wednesday (14/3) yesterday.

Super Junior's flagship boyband agency bought about 19,545,071 shares (25.12%) from KeyEast, owned by actor Bae Yong Joon, for 50 billion won (669 billion Rupiah).

With the acquisition of the big company, actor Bae Yong Joon also became a new shareholder in SM Entertainment. He will enter as a marketing adviser for SM Group as well as a global strategy adviser for KeyEast Entertainment

Not only that, SM also has acquired 13,483,865 shares (30.51%) from FNC Add Culture.

Meanwhile, FNC Entertainment alone holds only 8,100,000 shares, making SM Entertainment the largest shareholder in FNC Add Culture.

SM Entertainment's hope with this acquisition could increase FNC Add Culture business through drama to television programs, and will expand business on a global scale.