China company buys stake in Korea's FNC

From left, Yoo Jae-seok, CN Blue and FT Island

China’s Suning Universal Media has bought a 33 billion won ($28 million) stake in Korea’s FNC, reports said Monday.

FNC, a listed company, represents some of Korea’s leading celebrities, including rock bands CN Blue, FT Island, girl band AOA and MC Yoo Jae-seok.

The deal bonds FNC and the rich subsidiary of China’s major conglomerate Suning, one of China’s top 100 richest conglomerates.

With the deal, FNC is expected to expand into China.

In September, online corporate tracker Chaebul.com ranked FNC’s CEO Han Seong-ho No.3 in the stock-rich celebrity ranks.