YG Gets $85M - Pollstar News

Chinese Internet powerhouse Tencent and the Beijing-based mobile ticket service Weiying Technology have agreed to invest a total of $85 million in the South Korean music company YG Entertainment, according to ChinaDaily,

Photo: AP Photo

K-Collection, Seoul, South Korea

As a result, Tencent will own 4.5 percent of YG and Weiying will have an 8.2 percent share. Tencent and YG already concluded a partnership agreement in December 2014, giving the former exclusive rights to distribute YG music and other content online in China.

Tencent says that the new stake will help it build a longer-term cooperation with YG so the Chinese company can bring more YG talent to China for concerts and other projects. In its own press release, YG said that its sales have grown by 30 percent over the past 10 years, so “broadening our business in China is important” to maintain growth.

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