SM Establishes 'SM Studios'... Restructuring Non-Music Businesses Including KeyEast and Mystic
[Asia Economy Reporter Jang Hyowon] SM announced on the 5th that it will contribute shares worth 239.5 billion KRW of its holdings in SM Culture & Contents, KeyEast, SM Life Design Group, Mystic Story, and DearU in kind to 'SM Studios.'
Additionally, including a cash contribution, it will acquire 195,648 shares of SM Studios for a total of 244.5 billion KRW. The post-acquisition stake will be 100%. The scheduled stock acquisition date is June 4 of this year.
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SM stated that the purpose of this restructuring is "to focus on the music business within the entertainment sector by restructuring non-music business affiliates and promoting management efficiency, and to strengthen responsible management of the relevant business through the establishment of a subsidiary for the integration and management of non-music businesses."
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