Korea's largest internet portal Naver invests $90 million USD in 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: Kim Soo Yong collapses on set and is treated in ICU

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).