Tencent and Ticketing Company Weiying Invest $85 Million Into YG, Home of Psy
Tencent -- the Chinese internet giant with a market cap of $209.7 and whose internet services capture 45 percent of its country's average time spent on mobile devices -- is getting (further) into the record business.
According to a report from the China News Service, Tencent and Chinese ticketing company Weiying Technology will be investing a combined $85 million ($30 from Tencent, $55 million from Weiying) into YG Entertainment, the Korean entertainment company, K-pop "factory" and home to Psy.
Tencent and Weiying will receive 4.5 and 8.2 percent of YG, respectively.
Tencent has been prolific with licensing deals, signing Universal Music Group, Warner Music Group and Sony Music -- and an earlier deal with YG for streaming rights for its service QQ Music. (The company also has a content distribution deal with Billboard.)
YG's most recent sizable investment was from the luxury goods "super house" LVMH, which put $80 million into the company in 2014.