Press reported that Big Hit Entertainment has approved two agreements involving YG Entertainment and Naver. The affiliation between the three companies is closely related to Big Hit’s affiliate, beNX’s fan community platform Weverse. Both news came out on the same day, separated by only a few hours interval.
Two South Korean leading entertainment agencies sign a deal: Big Hit Entertainment and YG Plus
The Korea Herald reported that Big Hit Entertainment to have a 70 billion won ($63 million) investment plan in YG Entertainment affiliate, YG Plus. The news came after Wednesday’s stock trading was closed.
The deal reads that Big Hit Entertainment will invest 30 billion won in YG Plus. Accordingly, beNX, which fall under Big Hit Entertainment, will also invest 40 billion won in YG Plus. With the deal, Big Hit and beNX will own 7.7% and 10.2% stakes in YG Plus respectively.
The affiliation between the two companies will focus on business cooperation expansion through strategic partnership. YG Plus will further connect through Weverse to reach fans around the world.
Big Hit and YG are said to be anticipating what the business deal might bring in the future. Quoted from The Korea Herald, a Big Hit’s representative said that, “we look forward to the synergy that YG Plus, which has a powerful network in various fields such as distribution and merchandising production, and Big Hit and beNX, which are strong in artist intellectual property and platforms.” Meanwhile, YG Plus is confident that the deal will be a “new turning point” for both companies.
Big Hit Entertainment and Naver form an alliance
Aside from YG Plus, Big Hit Entertainment is also knotting ties with South Korea‘s leading development company, Naver. Korea JoongAng Daily reported today that Big Hit Entertainment and Naver will become partners in a venture through a stock swap.
Naver is transferring its streaming and fan community platform, V Live, to beNX. Thus, Big Hit will own 51% of benX stake, while Naver takes over the remaining 49%. This also means Big Hit Entertainment will further own and have the authority to run Naver’s streaming and fan community platform, V Live.
Accordingly, beNX will undergo a name change to Weverse company following the deal with Naver. Under the new name, the company will develop a new fan community platform by combining V Live and Weverse’s best features.
Read also: Big Hit Entertainment Officially Debuts in KOSPI
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