Following a memorandum of understanding (MOU) entered between GHY Culture & Media Holding Co and iQIYI in March, GHY has announced that the parties have entered into a joint venture agreement in relation to a talent management agency.
Under the agreement, GHY and iQIYI will establish joint venture entity Uni-Icon Entertainment, a Singapore-incorporated company. GHY will hold a 70% stake in the company, with iQIYI to hold the remainder.
See: GHY Culture & Media taps Nasdaq-listed iQIYI to expand talent network
GHY will pay US$700,000 ($927,625) for its subscription of shares in Uni-Icon Entertainment, which will be satisfied in cash and funded by GHY’s internal resources. GHY will have the right to nominate two out of the three directors of the board, including the chairman.
See also: GHY Culture & Media sets its sights on 'Nanyang': Guo
Uni-Icon Entertainment will manage artists who are based or have projects primarily based in Southeast Asia. According to its filing to SGX on June 14, GHY states its entry into the joint venture agreement is part of its business strategy and growth plans to strengthen its presence in the Asia-Pacific region, particularly in Southeast Asia.
Shares in GHY closed flat at 71 cents on June 11.
Photo: Albert Chua/The Edge Singapore
