SEOUL, Nov. 23 (Korea Bizwire) – A subsidiary of Chinese conglomerate Suning Universal has decided to invest US$209 million in FNC Entertainment, the South Korean entertainment agency said Monday.
FNC Entertainment said it will issue about 1.7 million new shares to Suning Universal Media Co. to raise 336.9 billion won (US$290.8 million) in capital.
“Through our partnership with Suning Universal Media, we will jump-start our business in China,” the agency said in a statement.
Suning Universal Media is based in Seoul and is principally engaged in electronics distribution, real estate development, e-commerce and entertainment.
FNC Entertainment manages idol groups such as CNBLUE, F.T. Island and AOA, as well as comedian Yoo Jae-suk. It was listed on the KOSDAQ, a South Korean bourse, in December 2014.