Chinese online and technology powerhouse Tencent Holdings have become the fourth largest shareholder in South Korean entertainment company YG Entertainment.
In a joint press release, it was also announced Chinese ticketing services provider Weiying Technology has also agreed to invest in YG Entertainemnt.
The total investment amounts to $US85 million with Tencent investing $US30 million and Weiying investing $US55 million. The investment will make Weiying and Tencent YG Entertainment’s third and fourth largest shareholders respectively after L Capital Asia, a subsidiary of luxury goods group LVMH.
Tencent Holdings own one of the largest Chinese online service portal QQ.com and messaging service WeChat.