FNC Entertainment Co., Ltd. (KOSDAQ:A173940) signed a contract to acquire 1.69% stake in KDMedia Inc. (KOSDAQ:A063440) from NZKD One Investment Group Limited and Sangwoo Gam for KRW 5.9 billion on April 27, 2016. FNC Entertainment will acquire 0.65 million shares at KRW 9000 per share. NZKD One Investment Group will sell 0.45 million shares and Sangwoo Gam will sell 0.2 million shares.

In a related transaction, KDMedia Inc. will issue new shares and FNC Entertainment will subscribe to 10.96 million new shares of KDMedia Inc. The deal is expected to close by June 8, 2016.