(Updates to add information on deal closing and throughout for clarity)

Shinsegae Property, a wholly owned unit of Shinsegae Group, the founder of E-Mart (KRX:139480), invested $1 billion in the acquisition of Warner Bros., Shinsegae said in a Tuesday press release.

The transaction was finalized by David Ellison, chairman and chief executive of Skydance, US fund investment management firm Redbird, and other investors.

Shinsegae said the move aims to create a new growth avenue by leveraging popular content from Paramount and Warner Bros. E-mart and Shinsegae (KRX:004170) operate as sister companies.

The group seeks to blend retail and culture using franchises like Mission Impossible, Harry Potter, and Game of Thrones to expand into an Asian content hub. Plans include the deployment of these franchises at its planned Hwaseong Star Bay City theme park and Starfield malls.

Additionally, Shinsegae plans to link OTT services like HBO Max and Paramount Plus to its membership programs to boost customer benefits and retention.