YANG MIN SUK says, “YG has begun to win the hearts and minds of the entire world, going beyond Korea and Japan”
[MBN스타=최준용 기자] YG Entertainment’s CEO YANG MIN SUK proclaimed that YG will win the hearts and minds of people around the world, going beyond Asia.
YG Entertainment held an agreement-signing ceremony with China’s biggest IT company Tencent Group and a video business breifing with China’s No.1 on-line and offi-line ticketing comapny Weying at Namsan Hyatt Hotel located in Yongsan-gu, Seoul, on May 31 at 11am. At the ceremony, YANG said, “YG has begun to win the hearts and minds of people around the entire world, going beyond Korea and Japan”.
YANG said, “This year marks the 20th anniversary of YG’s foundation. We’ve been doing our best to lead the popular culture and to provide good contents. I don’t like the word ‘K-pop’. I don’t think YG is the leader of K-pop”.
“In fact, the influence of K-pop has diminished in Japan. However, YG enjoyed bigger popualrity than ever, as we presented YG’s music, not K-pop. YG’s music has begun to win the hearts and minds of people around the world, going beyond Korea and Japan”, added YANG.
The ceremony was attended by CEO YANG MIN SUK and planning headquarters’ director Choi Seong-joon of Korea’s leading entertainment company YG Entertainment, CEO Su Man Wang of Tencent Group and Tencent Video, CEO Tina Ma and General Director Molly Feng of Tencent Video, founder and CEO Lin Ning of Chinese Weying, as well as founding partner Tang Xiaoming of We Capital.
On May 27, YG announced that it attracted 85 million dollars (100 billion Korean won) of investment from those companies. At the ceremony held on May 31, the outcome was officialy proclaimed.
YG will establish solid trilateral relationship between the three companies by carrying out capital increase through issuance of new stocks for third parties at the value of 55 million dollars for Tencent and Weying, while selling 30 million dollars worth of old stocks held by YG’s head producer and the largest shareholder YANG HYUN SUK and CEO YANG MIN SUK at the same time.
Tencent and Weying decided to invest 30 million US dollars and 55 million US dollars in YG, respectively. The investment will make Tencent and Weying hold 4.5 percent and 8.2 percent of YG’s stocks, and the two companies will become the fourth and third largest shareholder of YG, respectively, following L Capital under LVMH Group.
At the ceremony for all the three companies, YG, Tencent, and Weying explained the meaning of the strategic investment and future establishment of a joint venture in China. At the business briefing of YG and Tencent, plans on contents production by YG artists based on Tencent video platform were explained.
2016. 5. 31.
