Continue reading to know more. SM Entertainment Establishes "SM Studios" SM Entertainment is promoting a restructuring of its affiliates in order to focus more on its music business and promote efficiency in its overall business structure. On April 5, SM Entertainment announced the establishment of subsidiary that is wholly owned by the company, "SM Studios." All of SM Entertainment's shares in SM C&C, SM Life Design Group, Dear U, Key East and Mystic Story will be invested into the new subsidiary, making SM Studios the managing subsidiary. (Photo : SM Entertainment) SM C&C is an affiliate th...