TechTaffy

tech:

taffy

YG Entertainment Is Raising $85M

By TechTaffy Desk

Korean content provider YG Entertainment is raising $85 million from Tencent and Weiying Technology.

Min-Suk Yang, CEO of YG Entertainment, will sign the investment agreements in a ceremony with Suman Wang, general manager of Film/Drama Department and editor-in-chief of Tencent Video, and Lin Ning, CEO of Weiying Technology.

YG will issue new common shares amounting to $55 million to a wholly-owned subsidiary of Tencent and Fengying (100% owned investment SPC of Weiying Technology). The two investors are also buying $30 million in aggregate from YG’s largest shareholder, Hyun-Suk Yang and its CEO, Min-Suk Yang.

Weiying Technology and Tencent will respectively invest $55 million and $30 million and hold 8.2% and 4.5% in YG, becoming the third and fourth largest shareholders of YG after L Capital Asia, the investment arm of LVMH Group.

Just in

Industry

Amazon announces $1.31B investment in France

Amazon has announced a new investment of about $1.31 billion (€1.2 billion) in France, which the company says will lead to the creation of over 3,000 permanent jobs in the country.
Around the web

Amazon Web Services CEO Adam Selipsky to step down — CNBC

Adam Selipsky, CEO of Amazon’s cloud computing business, will step down from his role next month. Matt Garman, senior vice president of sales and marketing at Amazon Web Services, will succeed Mr. Selipsky after he exits the company June 3, writes Annie Palmer. 
AI

Palo Alto Networks, Accenture expand alliance to offer generative AI services

Palo Alto Networks and Accenture have announced the expansion of their strategic alliance to provide new offerings that combine Palo Alto Networks' Precision AI technology with Accenture's secure generative AI services. 
Industry

Intel appoints Kevin O’Buckley as SVP and GM of Foundry Services

Intel announced the appointment of Kevin O'Buckley as senior vice president and general manager of Foundry Services, the customer service and ecosystem operations division of Intel Foundry.
Industry

Squarespace to be acquired by Permira for $6.9B

Squarespace will be acquired by global private equity firm Permira in an all-cash transaction valued at approximately $6.9 billion.