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

March 18,2017 00:32

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 ...


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: Trainee accused of forcing classmate to masturbate in front of others decides to leave 'Produce 101' 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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