Big Hit Entertainment to invest 70 billion won in YG Plus

Big Hit Entertainment announced on Wednesday their plans to invest 70 billion won in YG Plus, an affiliate of YG Entertainment.

Citing a press release from Big Hit Entertainment, the Yonhap News Agency explained that under the deal, Big Hit will be joining forces with its affiliate beNX as they invest an initial 30 billion won and then another 40 billion won, in YG PLUS.

In reaching a wider fan base globally, The Yonhap report said YG Plus will bank on a fan community "Weverse" launched by Big Hit. It will also keep supporting the music distribution and merchandising business of Big Hit.

"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," Big Hit said.

According to the report, Big Hit noted that both their companies are expecting to grow together through the collaboration.

Additionally, the report said YG Plus called the investment "a turning point" for both of them.

Big Hit Entertainment is the agency behind the Grammy Award nominee group BTS. — Jannielyn Ann Bigtas/LA, GMA News