Chinese Web Juggernaut Tencent and Weiying Generation Buys Main Stake in YG For $85 Million

Chinese Web Juggernaut Tencent and Weiying Generation Buys Main Stake in YG For $85 Million

Chinese Internet Juggernaut Tencent Buys Major Stake in YG For $85 Million(Photo : YG Entertainment)YG Entertainment has just wona enormous investment from one of China's greatestnet companies.

Tencent, one of the crucialimportantgamers in China's online, mobile, and ticketing market, has invested one hundred billion won ($85 million) into YG Entertainment, houseof a few of K-pop's best stars.

According to YG on Would possibly 27, the agency's CEO Yang Hyun Suk will signal the contract with two high-ranking executives at Tencent. One is Suman Wang, head of video, movie and drama, and the alternative is Ning Lin, founder of Weiying, a ticketing carrier that lately raised $105 million for its IPO.

AdvertisementOnce the contract is signed, Tencent will get keep of $30 million value of YG shares, whilst Weiying will receive $55 million worth of stock. With this deal, the 2 Chinese firms volitionturn out to be the 3rd and fourth largest shareholders in YG Entertainment, protecting 4.5 % and 8.2 percent of overall shares.

YG commented on deal, emphasizing the significance of expanding YG's affect in China, "For the beyond ten years, we've seen a 30 percent building up in sales. Via our partnership with Tencent and Weiying, we can existready to amplify our artist's activities in China and be capable ofhigher meet the wishes of local Chinese fans."

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