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Posted by yckim124762 pts Friday, March 17, 2017

Korea's largest internet portal Naver invests $90 million USD in YG Entertainment

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South Korea's largest internet portal Naver has officially established a partnership with YG Entertainment.


On March 17, media outlets reported that Naver is investing around $90 million USD in the entertainment agency for a 9.14% equity stake. This is the first investment by Naver after the appointment of new CEO Han Sung Sook


With the newly established partnership, Naver and YG Entertainment- one of Korea's biggest entertainment agency- are expected to create great synergy and produce diverse global content. 


SEE ALSO: Is this the name of JYP Entertainment's new boy group?


Naver has also become the second largest stakeholder in YG Entertainment following its founder. 


Regarding the new partnership, a rep from YG Entertainment stated, "We can now look forward to a stable growth in the changing global environment with increased content accessibility through Naver, which attracts global users through Naver, V Live, LINE, Snow, and more."


YG Entertainment previously received an $80 million investment from LVMH (Parent company to Louis Vuitton, Dior, Fendi, and many other companies) along with an $85 million investment from Tencent (one of China's largest internet companies).

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