South Korean music giant attracts Chinese investors

Two Chinese companies have agreed to invest a total of $85 million in South Korean music company YG Entertainment. [Photo provided to China Daily]

Two Chinese companies have agreed to invest a total of $85 million in South Korean music company YG Entertainment.

China Internet giant Tencent's $30 million investment will own 4.5 percent of the company, the fourth-largest stake, while a $55 million investment will mean an 8.2 percent stake, the third-largest, for Beijing-based mobile ticket service Weiying Technology.

YG Entertainment says in a press release that its sales have grown more than 30 percent over the past decade: "In maintaining such growth, broadening our business in China is important."

According to a press release from Tencent, the company is going to build a long-term cooperation with YG Entertainment and bring more YG-managed singers and actors to China.

YG Entertainment, one of the leading South Korean music and entertainment companies, and Tencent announced a partnership n December 2014 that gives Tencent exclusive rights to distribute YG Entertainment music and MV content online in China.

This strategic partnership allows YG Entertainment's artists to be launched across Tencent's full range of platforms and services, including its leading music streaming service QQ Music.

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