Gangnam Style YouTube record

HONG KONG – YG Entertainment, the Korean artist management group behind global music sensation Psy, is in talks to sell a share stake to overseas investors.

Local and agency reports said that the Korean company is to receive up to 100 billion won ($97 million) from L Capital Asia, the private equity arm of luxury goods group LVMH.

YG, which is listed on the Korean Stock Exchange (KOSDAQ), was Wednesday required by market regulators to clarify the situation. YG’s filing confirmed that it was in discussions to sell a share stake, but said that a deal was not finalized.

One of South Korea’s ‘big three’ music and management firms, and in the forefront of the Korean Wave, YG also represents music acts including 2NE1 and Bigbang, with its superstar members including G-Dragon and T.O.P.

Psy, who shot to global recognition with his 2012 hit “Gangnam Style,” joined the agency in 2010.

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