Suning Universal Co., Ltd. announced on Monday that it plans to acquire a stake in South Korea-based FNC Entertainment.
On September 21 Suning Universal announced that its wholly-owned subsidiary, Suning Universal Media Co., Ltd., and South Korea’s Redrover signed an agreement to set up a joint venture, which was later used to pave a way for this deal.
Founded in 2006, FNC was initially dedicated to music entertainment. It was renamed FNC Entertainment in 2012 and has since developed into an entertainment conglomerate. FNC has also established FNC Academy, a music institution.
Suning Universal is the entertainment arm of Chinese giant retailer Suning Group which started trading on the Shenzhen Stock Exchange in 2005 and mainly engages in the business of real estate. It started to diversify into the cultural, entertainment, health care and financial sectors in October this year.