Kakao to acquire Korean music streaming operator
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Seoul
CHAT app operator Kakao Corp said on Monday that it will buy control of South Korea's top music streaming service provider Loen Entertainment Inc for 1.9 trillion won (S$2.3 billion), in another push to find new revenue streams.
Kakao said that it would buy a 76.4 per cent stake in Loen, which owns music streaming service MelOn as well as a talent agency with K-Pop artists such as IU, partly by issuing 754 billion won worth of new shares to top Loen shareholders Affinity Equity Partners and SK Planet Co Ltd.
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