SM Entertainment partners with Alibaba Group

February 10, 2016
The exterior of six-floor SMTOWN@coexartium, a cultural facility for K-pop fans in Samseong-dong. (Courtesy of SM Entertainment)

The exterior of six-floor SMTOWN@coexartium, a cultural facility for K-pop fans in Samseong-dong. (Courtesy of SM Entertainment)

SEOUL (Yonhap) — S.M. Entertainment said Thursday it has formed a strategic partnership with Alibaba Group.

Under the deal, the Chinese e-commerce giant will buy 870,000 of S.M.’s newly issued stocks for 35.5 billion won (US$29.8 million), the South Korean management agency said in a regulatory filing. That means Alibaba will own 4 percent of S.M.’s shares.

The agency said it will engage in online music distribution, marketing and merchandising in China through Alibaba Music Group.

“Through this partnership, we’ll synergize in various fields, including China’s digital music industry,” S.M. said in a statement. “We’ll continue to localize and expand our business in China.”

Alibaba Music Group was founded in July as part of the Chinese group’s attempt to enter the online music industry.

moose knuckles pas cher moose knuckles pas cher moose knuckles pas cher moose knuckles pas cher moose knuckles pas cher moose knuckles outlet moose knuckles outlet moose knuckles outlet moose knuckles outlet moose knuckles outlet maillot de foot pas cher maillot de foot pas cher maillot de foot pas cher maillot de foot pas cher maillot de foot pas cher scarpe nike air max outlet scarpe nike air max outlet scarpe nike air max outlet scarpe nike air max outlet scarpe nike air max outlet scarpe nike air max outlet nike tn pas cher nike tn pas cher nike tn pas cher nike tn pas cher air max pas cher air max pas cher stone island outlet stone island outlet stone island outlet stone island outlet stone island outlet stone island outlet barbour pas cher barbour pas cher barbour pas cher barbour pas cher barbour pas cher nike tn squalo nike air max outlet mcm outlet online moose knuckles outlet happiness outlet happiness outlet shoes