SME acquires KeyEast & FNC Add Culture for their empire after getting Mystic Entertainment last year

After acquiring Mystic Entertainment last year, SM Entertainment is further building out their empire by acquiring KeyEast entertainment agency and FNC Add Culture production company (not FNC Entertainment itself).

SM Entertainment acquired 19,545,071 shares (25.12 percent) of KeyEast stocks, which belonged to actor Bae Yong Joon, for 50 billion won (approximately $47 million). With the agreement, Bae Yong Joon has also acquired new shares of SM Entertainment, becoming a major stockholder of SM Entertainment. He will now act as a marketing adviser for SM Group and a global strategy adviser for KeyEast. In addition, SM Entertainment has acquired 13,483,865 shares (30.51 percent) of FNC Add Culture stocks for 30 billion won (approximately $28 million). FNC Entertainment now holds 8,100,000 shares (18 percent) of FNC Add Culture, being the second larger stockholder for FNC Add Culture. SM Entertainment will work to improve FNC Add Culture’s existing businesses, including drama and broadcast production, and also expand into various global lifestyle businesses including retail, F&B, fashion, and leisure.

There’s nothing really juicy to this, but I think it’s generally worth being aware of news like this since it ultimately does effect the entertainers people love and how they’re perceived.

Also, this means Kim Hyun Joong is under SME now … probably not what they want.


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