Korea’s largest internet portal Naver invests $90 million USD in YG Entertainment
Michelle Jung, March 17, 2017, 3:34 p.m.
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. After the appointment of new CEO Han Sung Sook, this is the first investment by Naver.
Naver has become the second largest stakeholder in YG Entertainment following its founder.
Regarding their 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.”
Previously, YG Entertainment 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).