SEOUL, South Korea (CelebrityAccess) — Chinese social media company Tencent and it's online ticketing company Weiying Technology have announced plans to invest $85 million in South Korean booking agency YG Entertainment.
According to Korea Times, Weying and Tencent Group invested $55 million and $30 million, respectively, to acquire 8.2 percent and 4.5 percent shares in YG Entertainment, making them the third and fourth largest stakeholders in the entertainment company, behind YG founder Yang Hyun-suk and CEO Yang Min-suk and French investor L Capital.
“During the last two years, YG has made every effort to promote its music and content in China,” said Yang at a signing ceremony for the deal held in the Grand Hyatt Hotel in Seoul. “However, we realized our limits in communicating with Chinese audiences. Our agreement with Tencent and Weying will create synergy to better provide YG music and content according to the tastes of Chinese people.”
YG Entertainment is one of the leading talent agencies in South Korea and is known for representing domestic hitmakers such as 2NE1, Psy, and Big Bang. – Staff Writers