(From Korea Times)
By Kim Jae-heun
YG Entertainment (YG) has signed an investment agreement with China’s leading online company Tencent Group and top online ticketing firm Weying Technology, Tuesday.
Weying and Tencent Group invested $55 million and $30 million, respectively, to acquire 8.2 percent and 4.5 percent shares in the Korean entertainment company and become YG’s third- and fourth-largest stakeholders. The top two major YG shareholders are YG founder Yang Hyun-suk and CEO Yang Min-suk, followed by L Capital, the investment arm of French luxury goods conglomerate LVMH.
The signing ceremony was attended by YG CEO Yang, Tencent Video’s Film/Drama Department General Manager and Editor-in-Chief Suman Wang, Tencent Video’s Variety Department General Manager Tina Ma and Weying Technology CEO David Lim, who announced their short-term projects and long-term goals for YG Entertainment in China.
“During the last two years, YG has made every effort to promote its music and content in China,” said Yang at the ceremony 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.”
Half of China’s 1.3 billion people use Tencent’s video platform and Weying’s mobile service, according to Yang, who expects to reach a minimum 600 million consumers through the channels. Read more
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