Beyonce signs three teenage singers to her management company Parkwood Entertainment.
In 2008, Beyonce founded her own company Parkwood Entertainment. Since its inception, Parkwood has been involved in everything Beyonce, from her films ("Cadillac Records" and "Obsessed") to her albums and music videos, but it was unclear if Bey intended to use Parkwood to sponsor other artists. This weekend, though, Queen Bey made three huge future investments, signing the two Bailey sisters as well as the 14-year-old Sophie Beem. The price tag for all three singers: $1.5 million.
Though you may not have heard of either act, each of Bey's signings have already been making waves with their young talents. Chloe (17) and Halle Bailey (15) have over 500,000 subscribers to their YouTube channel, on which they've uploaded a few Beyonce renditions of their own. Sophie Beem appeared on the 2012 season of "X-Factor" when she was just 11 years old.
Complex reports the Bailey sisters signed, as a duo, for $1 million, while Beem got $560,000 on her own.
Think Bey's young signings will pay off? What would you do with $500K at age 14?