On February 16, 2017, a source from the task force in charge of the "international K-pop academy" has plans to open this upcoming September. The Gangnam-based academy is a collaborative venture with the private Jongro Sky Academy. Plans for the school to be certified as an alternative program for domestic Korean middle and high school education, as well as US secondary school education, are also underway. In March 2017, SM acquired the independent record label Mystic Entertainment, becoming the label's largest shareholder.