South Korean media agency FNC Entertainment just got a large boost from a Chinese conglomerate.
On Nov. 23 it was revealed that FNC Entertainment, the management agency of pop-rock band CNBLUE, girl group AOA, and TV personality Yoo Jae Suk, among other artists, has received a colossal $290 million investment from a subsidiary of Chinese conglomerate Suning Group.
FNC Entertainment confirmed the news in a statement. "We have received an offer of approximately 330 billion won from the privately owned Chinese company Suning Universal Media," FNC said.
In exchange, FNC Entertainment has issued 1.7 million shares to Suning Universal Media, roughly 7% of the company's 12.64 million shares.
Suning Universal Media is a subsidiary of Suning Group, which is involved in the electronics, distribution, real estate development, e-commerce, entertainment, and other industries.
The deal is beneficial to both sides. According to FNC Entertainment, their artists will be able to get a head start in the Chinese market by working together with Suning Universal.
FNC Entertainment is home to numerous artists, actors, and entertainers, including AOA, CNBLUE, FTIsland, and Yoo Jae Suk. FNC Entertainment's stock price has more than doubled since the year began.
