SM Entertainment To Form Strategic Alliance With FNC
Two months after SM Entertainment became the largest shareholder of the company, FNC Add Culture has officially changed its name to SM Life Design Group.
Earlier this year, it was announced that SM Entertainment had acquired a 30.51 percent stake in FNC Add Culture, making FNC Entertainment the second largest shareholder at 18 percent. On May 18, Korean news outlets reported that FNC Add Culture had since changed its name to SM Life Design Group.
According to news reports, SM Entertainment and FNC Entertainment plan to form a strategic alliance based on their mutual interest in SM Life Design Group. As part of their newfound partnership, Ahn Suk Joon, the co-CEO of FNC Entertainment, will be serving as a management consultant for the newly renamed company.
FNC Entertainment will also be taking over FNC Productions, a former subsidiary of SM Life Design Group that focuses on variety show production. The company’s past productions include JTBC’s “Carefree Travelers,” KBS 2TV’s “Mr. House Husband,” and the new program “Idol Room,” which premiered on May 12.