South Korea's YG Entertainment Attracts Chinese Investment
Tencent and Weiying Technology Invest US$85 Million Dollars in YG Entertainment
YG Entertainment announced that the company will raise a total investment of US$85 million from Tencent and Weiying Technology.
Min-Suk Yang, CEO of YG Entertainment, signed the investment agreements in a ceremony with Suman Wang, General Manager of Film/Drama Department and Editor in Chief of Tencent Video, Lin Ning, CEO of Weiying Technology at Hyatt Hotel in Seoul on May 31st. At the ceremony, the three parties including Korea's leading content provider YG, Tencent, a leading provider of Internet value-added services in China and China's number one online ticketing company Weiying Technology, announced their strategic investment and plans for future growth in China based on collaborative efforts.
YG will issue new common shares amounting to US$55 million to a wholly owned subsidiary of Tencent and Fengying (100% owned investment SPC of Weiying Technology). At the same time, the two investors decided to buy US$30 million in aggregate from YG's largest shareholder, Hyun-Suk Yang and its CEO, Min-Suk Yang.
Weiying Technology and Tencent will respectively invest US$55 million and US$30 million and hold 8.2% and 4.5% in YG, becoming the third and fourth largest shareholders of YG after L Capital Asia, the investment arm of LVMH Group.
Regarding the significance of their partnership and collaboration, YG Entertainment said, "YG has seen over 30% growth every year for the past ten years and in order to maintain such strong growth, YG must expand its business in the Chinese market. As such, YG has been looking for the right partner in China for the past year and decided to partner with Tencent and Weiying Technology." The company added, "In the near future, YG will establish a joint venture in China with the partners to expand the activities of YG artists, actors and actresses and discover and nurture local Chinese artists."
Tencent commented, "The move deepens our already successful relationship with YG, as evidenced by the exclusive content partnership between QQ Music and YG. Leveraging our extensive user reach, multi-platform capabilities and deep understanding of the China market, we look forward to working with YG to meet the huge appetite in China for popular Korean entertainment such as music, concerts and variety shows, and to exploring new business opportunities."
Weiying Technology commented, "Weiying is a fast growing internet company with roots in online ticketing, and became a major player in entertaining business in China within the past 2 years. We truly believe online platform with offline capability like Weiying and Tencent, in-depth linked with the best content provider like YG, could make an enormous combination and magnify the value of contents in new market, like 10 times."
Related News from Mi2N:
» Tencent And Weiying Technology Invest US$85 Million Dollars In YG Entertainment
» MusicDish*China Presents 'Savage Guitarist' Todd Clouser in Beijing
» MusicDish*China October China Label Music Releases And Charts
» Most Girls Smell Good Music Promotion Masterclass and Launch Party
» Canadian Singer/Songwriter & Pianist Michael Kaeshammer To Tour China
» Harmonica Extraordinaire Sugar Blue Performs In Beijing
» [2017-12-25] MusicDish*China Presents 'Savage Guitarist' Todd Clouser In Beijing; As Part Of His #YouTheBrave Asia Tour That Includes 8 Shows Across Japan, Todd Will Be Giving Solo Shows At Laifu Livehouse On 12/27 And Temple Bar On 12/28
» [2017-12-20] Mixcloud Taps Gracenote For Advanced Music Recognition; Next-generation Audio Fingerprinting Helps Mixcloud Identify And Catalog Copyrighted Music Within User-generated Content
» [2017-12-18] Copyright Royalty Board Increases Sirius XM Royalty Rate; Judges Announce Royalty Rates And Terms For Satellite Audio Radio Services (SDARS) And Preexisting Subscription Services
» [2017-12-06] Lithuanian Band Grabs Bronze At The Silk Road Indie Music Festival 2017; Antikvariniai Kašpirovskio Dantys Competed With Bands From Belgium, Sweden, Armenia, Germany, Japan, South Africa, India, Norway, Poland, Italy And The UK As Well As China
» [2017-12-06] Live Entertainment Specialists Headliner Launch Premium Artist Booking Service; A Fully-managed Service That Simplifies The Process Of Booking Renowned Artists And Performers For Occasional Event Planners, Agencies And Brands
» [2017-11-27] Voice-Controlled Speakers & The Music We Listen Too; Music Is A Major Part Of The Way Amazon Echo And Google Home Owners Interact With Their Devices
» [2017-11-21] Nordic & British Musicians' Unions' Joint Statement On Sexism In The Music Industry; Discussions On The Issue Of Gender Inequality, Sexism And Sexual Harassment, The Scale Of Which Had Been Highlighted By The Recent #metoo Campaign
» [2017-11-13] Women Make An Impact On The 2018 MPG Awards Shortlist; Nearly A Quarter Of Those Named This Year Are Female, Proving That Music Production Is No Longer A Bastion For The Boys
» [2017-11-13] The Nashville Musicians Sound Healthcare Plan Rolls Out; Sound Healthcare & Financial Announced The Formation Of A True Group Health Insurance Policy Plan For Musicians And Industry Professionals
» [2017-11-09] Streaming & Listening Diversity - Spotify Case Study; Will Artists Have An Easier Time Finding An Audience, Or Will Streaming Focus Global Attention On A Small Number Of Stars?
» [2017-11-09] Two-Sides Of Copyright Finance: Sound Royalties & Kobalt; Sound Royalties Unearths Millions In Undistributed Royalties While Kobalt Launches Fund To Invest In Music Copyright
» [2017-11-08] Career Moves: ROLI, Live Nation Sweden, Music Glue, BBR Music Group, Warner/Chappell Music Spain & Blue Night Soundscapes; ROLI Chief Creative Officer, Live Nation Sweden Managing Directors, Music Glue Global Head Of Business Development, BBR Music Group VP Of International, Warner/Chappell Music Spain Managing Director And Blue Night Director Of Music Clearance
follow MusicDish on