YG Entertainment Invests In Chinese Company Tencent Music
YG Entertainment has invested in a large Chinese company.
According to investment bank industry sources on October 8, YG Entertainment invested approximately $10 million in Tencent Music Entertainment (TME) earlier this year.
TME, which is owned by Tencent, holds 78 percent of the market share for music streaming companies in China and recently filed for an IPO in the United States.
This investment is evidence of YG Entertainment and Tencent’s stable partnership despite continuing tension in cultural relations between Korea and China as a result of the THAAD dispute.
Tencent is currently one of YG Entertainment’s largest shareholders after investing about $85 million in 2016.