SM Entertainment buys major share in Mystic Entertainment. The announcement was made on Thursday, March 31.
"We have acquired 28 percent of stocks from Mystic Entertainment, which is led by PD Yoon Jong Shin, through a strategic investment and have become the largest shareholder," stated SM Entertainment, according to Soompi.
SM Entertainment's investment in Mystic Entertainment is a part of the agency's plan to widen their range in the music business industry. SM Entertainment also plans on helping Yoon Jong Shin and his company, Mystic Entertainment by sharing global network access, and as well as talents.
SM Entertainment and Mystic Entertainment will now start working together in creating new music and contents. Both agencies have also planned on expanding to mobile media.
Mystic Entertainment producer Yeo Woon Hyuk is slated create projects with SM Entertainment's C&C (SM C&C). SM C&C manages the agency's actors and production teams. Yeo Woon Hyuk and SM C&C will be producing contents such as variety shows, dramas, and movies, and as well as other contents.
"SM and Mystic will work together as partners to create a strong, global synergy that covers a variety of areas such as music, artists, concerts, festivals, and video content creation," stated SM Entertainment and Mystic Entertainment. "We will be able to pursue new content and projects through our cooperation."
Some of SM Entertainment's most notable artists include Girl's Genration, SHINee, Super Junior, Red Velvet, and f(x). The agency also handles solo artists like Taeyeon, Taemin, Henry, and Kyuhyun.
According to Wikepedia, SM Entertainment is also in partners with several well-known talent agencies, including Fandango Korea, TrueVisions Group, and EMI Records. EMI Records was formerly known as Nayutawave Records which handled Girl's Generation, SHINee, and J-min.
SM Entertainment is also in cooperation with distributing labels in other countries like Taiwan (Avex Taiwan, Universal Music Taiwan). The agency also has partners with MCA Music in the Philippines.