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Words matter for supporting media freedom

Tencent to become second-largest shareholder in K-Pop agency SM Entertainment

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
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 ]