YG Entertainment has taken a large stake and control over advertising company Phoenix Holdings, which is a subsidiary of Bogwang Group.
The planned number of shares for YG Entertainment will be 11,104,385 shares (~50 billion KRW or $45 million USD / a 39.54% stake) and both Chief Producer Yang Hyun Suk and President Yang Min Suk will be participating in this increase of capital for the sake of responsible management. Based on this decision, YG and certain reps will have a total share equity ratio of over 50%, giving them the controlling interest.
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Yang Min Suk stated, "In order to advance a new enterprise that is a bit more organized and systematic in a field besides the music industry, we decided to take over Phoenix Holdings. Additionally, through an effective new business, we plan to maximize the synergy with the head office's music enterprise and the cultural contents business."
It appears the takeover of Phoenix Holdings will help accelerate the new fashion and cosmetic lines YG Entertainment launched this year.
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