FNC Entertainment Sells Shares Of SM Life Design Group + Reveals Future Plans Including New Boy Group
FNC Entertainment has sold its shares of SM Life Design Group.
Back in March 2018, SM Entertainment became the largest shareholder while FNC Entertainment became the second largest shareholder of FNC Add Culture. In May 2018, FNC Add Culture officially changed its name to SM Life Design Group. Therefore, SM Entertainment and FNC Entertainment formed a strategic alliance based on their mutual interest in SM Life Design Group.
On November 21, FNC Entertainment announced that it sold its 8,160,308 shares (18.12 percent) of SM Life Design Group stocks over a course of four days starting on November 14, bringing in 23.5 billion won (approximately $19,937,050) in cash assets and securing financial stability and new investment funds.
Although the label sold its shares of SM Life Design Group, FNC’s CEO Ahn Suk Joon will continue to hold the management advisor position, through which he plans to continue maintaining the relationship with SM Entertainment and actively cooperate with the company as a strategic business partner.
Through the secured funds, FNC Entertainment will continue to focus more on discovering and nurturing new artists, producing new variety shows through FNC Production, as well as recruiting talents including directors Lee Ho Jae and Kang Hyo Jin and writers Lee So Jung and Go Myung Joo to create more dramas and movies for FNC Story.
FNC Entertainment also commented on future plans for the artists in the agency. CNBLUE’s Jung Yong Hwa is gearing up for a domestic concert, fan meetings overseas, and an Asian concert tour following his discharge from the military. AOA, who gained greater popularity after competing in Mnet’s “Queendom,” is expected to become more active with the release of their sixth mini album “New Moon.”
N.Flying has shown great growth since their song “Rooftop” succeeded on major music charts, and SF9 is also expected to secure greater profitability with larger concert venues as their overseas fandom is surging. Cherry Bullet, who debuted earlier this year, is gearing up for an album release next year with steady overseas promotions, and a rookie male dance group with a new concept is set to debut in 2020.