South Korea's Kakao Entertainment secures $1.3b investment from sovereign wealth funds

SEOUL — South Korean tech conglomerate Kakao Corp said on Thursday unit Kakao Entertainment secured a 1.2 trillion won investment from leading sovereign wealth funds.

Singapore's GIC and Saudi Arabia's Public Investment Fund decided to each invest 600 billion won in the entertainment firm, local newspaper Korea Economic Daily reported on Thursday, citing unnamed investment banking sources. Kakao Corp shares rose one per cent in early morning trade, outperforming a 0.2 per cent rise in the wider market.

Unlisted Kakao Entertainment has a business portfolio ranging from K-Pop — including artist management — to shows, movies, and online-targeted, comparatively low-cost content such as comics called webtoons and serial web novels.

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S Korea's Kakao Entertainment secures $966 million investment from sovereign wealth fundsSEOUL :South Korean tech conglomerate Kakao Corp said on Thursday unit Kakao Entertainment secured a 1.2 trillion won ($966.27 million) investment from leading sovereign wealth funds. Singapore's GIC and Saudi Arabia's Public Investment Fund (PIF) decided to each invest 600 billion won in the entertainment fi
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