China's Tencent Holding Ltd. and its online ticketing arm Weiying Technology has agreed to make a US$85 million strategic investment in Korean entertainment firm YG Entertainment, according to a company announcement.
YG Entertainment plans to issue new common shares amounting to US$55 million to a wholly owned subsidiary of Tencent and Fengying. 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 inves...
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