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Biz News Korea(Eng)
YG Entertainment attracts $85 mn from Tencent, Weying
- Collected
- 2016.05.28
- Distributed
- 2016.05.30
- Source
- Go Direct
Tencent pledged $30 million and Weying $55 million by taking over new issues and existing shares from the company’s largest shareholders, chief producer Yang Hyun-suk and CEO Yang Min-suk. The two would become the third and fourth largest shareholders of the Korean entertainment company, following L Capital Asia, a private equity firm sponsored by French luxury goods conglomerate LVMH.
YG Entertainment shares closed Thursday at 46,050 won ($39.06), down 400 won, or 0.86 percent, from the previous session.
“YG has managed to grow more than 30 percent annually over the last 10 years, and expansion to China would be crucial to keep up our growth, said the company in a statement.
The company also said it plans to set up a joint-venture company in China to incubate artists in China and widen activities of Korean entertainers in the country.
“We want to work together with YG Entertainment in various businesses in music, concerts and entertainment,” said Tencent. “When Weying and Tencent with powerful online platform cooperate with global contents leader YG Entertainment, we would be able to create enormous synergy effects,” said Weying.
By Oh Shin-hye
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