China’s internet giant Tencent Holding Ltd. and Weiying Technology announced on Tuesday the establishment of a joint venture with YG Entertainment, which oversees some of the industry’s top names, including Psy, BigBang, and 2NE1.

The announcement follows a recent $85 million USD injection of funding into the South Korea-based entertainment company. Weiying Technology and Tencent invested $55 million USD and $30 million USD, and now hold 8.2% and 4.5% stakes in YG Entertainment, respectively.

The round makes Weiyang and Tencent the third and fourth largest shareholders of the company following the founder and the top shareholder of YG Entertainment, Hyunsuk Yang, and L Capital Asia. Weiying Technology operates the mobile ticketing application called WePiao, which runs on Tencent’s platforms QQ and WeChat.

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Eva Yoo

Eva Yoo is Shanghai-based tech writer. Reach her at evayoo@technode.com