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

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SEOUL — South Korean tech conglomerate Kakao Corp said on Thursday (Jan 12) unit Kakao Entertainment secured a 1.2 trillion won (S$1.3 billion) investment from leading sovereign wealth funds. The move, which Kakao said was the largest overseas investment in a South Korean content company, signals investors' bullish outlook for Korean contents' growth potential and its 'recession-proof' tendencies when weak...

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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