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South Korean music company YG Entertainment on Friday said it has attracted 100 billion won ($85 million) in investment from the Chinese online giant Tencent and mobile ticketing service, Beijing Weiying Technology Co.
YG said its CEO Yang Min-suk will sign an investment deal with Suman Wang, who is in charge of Tencent's video, film and drama businesses, and Ning Lin, founder and CEO of Weiying, at a Seoul hotel Tuesday.
Under the deal, YG will issue shares worth $55 million for Weiying, whose second-largest shareholder is Tencent, and transfer shares worth about $30 million owned by its chief producer Yang Hyun-suk and CEO Yang Min-suk to Tencent.
The deal will make the two Chinese firms YG's third- and fourth-largest shareholders, respectively, with 4.5 percent and 8.2 percent stakes in the company.
"Our company has logged over a 30 percent increase in sales over the past decade. In maintaining such growth, broadening our business in China is important," YG said in a press release.
"We're going to build a joint venture with China in the future and put more effort into increasing activities by YG-managed singers and actors in the country, discover and cultivate Chinese artists, and build the infrastructure for advancing into the Chinese performing arts market. (Yonhap)
YG said its CEO Yang Min-suk will sign an investment deal with Suman Wang, who is in charge of Tencent's video, film and drama businesses, and Ning Lin, founder and CEO of Weiying, at a Seoul hotel Tuesday.
Under the deal, YG will issue shares worth $55 million for Weiying, whose second-largest shareholder is Tencent, and transfer shares worth about $30 million owned by its chief producer Yang Hyun-suk and CEO Yang Min-suk to Tencent.
The deal will make the two Chinese firms YG's third- and fourth-largest shareholders, respectively, with 4.5 percent and 8.2 percent stakes in the company.
"Our company has logged over a 30 percent increase in sales over the past decade. In maintaining such growth, broadening our business in China is important," YG said in a press release.
"We're going to build a joint venture with China in the future and put more effort into increasing activities by YG-managed singers and actors in the country, discover and cultivate Chinese artists, and build the infrastructure for advancing into the Chinese performing arts market. (Yonhap)
