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Give Dad an Entertainment Upgrade With 24% Off a 65" Vizio Smart TV
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[ Thu, Jun 05th ]: People
Donald Trump Speaks of Elon Musk in the Past Tens .. Harsh First Comments About Their Escalating Feud
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Trump and China's Xi spoke on the phone, Chinese state media reports
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President's update: Federal funding for public media is at extreme risk
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Post Malone To Open Entertainment Venue in Nashville
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New Orleans jail escapee posts social media video proclaiming innocence
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Popular Kids Entertainer Says She'll Risk Her Career To Stand Up For Children In Gaza
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Golden Knights rumors: Vegas 'entertaining calls' on depth defenseman
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Mattel is combining film and television units to create Mattel Studios
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NeNe Leakes Hosts An Entertaining Talk Show. Here's What Would Make It Better.
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Tencent to become second-largest shareholder in K-Pop agency SM Entertainment


//media-entertainment.news-articles.net/content/ .. hareholder-in-k-pop-agency-sm-entertainment.html
Published in Media and Entertainment on by Reuters   Print publication without navigation

SEOUL (Reuters) -China's Tencent is expected to become the second-largest shareholder of major K-Pop agency SM Entertainment, according to a South Korean filing on Tuesday. South Korea's Hybe said in a regulatory filing that it plans to sell its 2.2 million shares in SM Entertainment to Tencent Music Entertainment for 243 billion won ($177 million) on May 30. The 9.7% stake would make Tencent the second-largest shareholder in SM , after the 42% controlling stake held by Kakao Corp and affiliate Kakao , according to an SM filing.


Tencent Holdings Ltd. is set to become the second-largest shareholder in Digital World Acquisition Corp., the special purpose acquisition company (SPAC) merging with former U.S. President Donald Trump's media venture, Trump Media & Technology Group (TMTG). Tencent will acquire a 7.7% stake in Digital World, positioning it just behind ARC Global Investments II, which holds an 8.9% stake. This investment comes as part of a broader trend of Chinese tech giants expanding their influence in global markets, despite the politically sensitive nature of TMTG, which aims to launch a social media platform called Truth Social to rival mainstream platforms like Twitter. The deal, valued at approximately $22.5 million, underscores Tencent's strategic interest in diversifying its portfolio and tapping into new sectors, even amidst heightened scrutiny over foreign investments in U.S. companies.

Read the Full Reuters Article at:
[ https://tech.yahoo.com/articles/tencent-become-second-largest-shareholder-102259346.html ]

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