By Kim Jae-heun

Kakao expanding entertainment business in Korea and beyond

Kakao Entertainment’s logo / Courtesy of Kakao Entertainment

Local IT giant Kakao is merging and acquiring entertainment firms both here and abroad to expand its business into the global market.

In March, Kakao took over two Thai companies, Studio Phoenix and Studio Orange, in order to run its content and commerce businesses in the Southeast Asian region, centered in Thailand.

“Studio Phoenix and Studio Orange were incorporated into Kakao Entertainment Asia, which was established to expand its entertainment business, on Feb. 25,” a Kakao Entertainment official said. “Kakao has acquired these two companies with the aim of starting music, video and commerce businesses in Southeast Asian countries.”

Kakao did not reveal the acquisition cost or how many shares it had purchased in the two companies.

Its investment in Thailand is seen as part of its road map to become a global content player, a goal it announced when it launched Kakao Entertainment in March. The entertainment firm promised to invest actively in entertainment and intellectual property.

In fact, also in Thailand on Monday, Kakao started a webtoon business, forecasting direct competition with fellow Korean IT competitor Naver there.

In Korea last month, Kakao also took over entertainment firm High Up Entertainment, which is the agency for K-pop girl group STAYC. It acquired 40 percent of High Up Entertainment to become its largest shareholder.

Kakao Entertainment said it invested in High Up Entertainment in order to beef up its portfolio, along with its merger in April with Antenna Music, led by singer-songwriter Yoo Hee-yeol.

Kakao plans to create synergy with the two firms to produce reality shows and TV series on Kakao TV, its streaming platform.

“We’ve strengthened our music entertainment business and this will provide a chance for our musicians to collaborate with each other,” the official added.


Japan travel news, japan travel guides, japan holiday destinations and japan reviews

LATEST NEWS

NEWS RELATED

2-way race begins to take over budget carrier Eastar

The photo shows the doors of Easter Jet’s former office in western Seoul. Yonhap A consortium led by underwear maker Ssang Bang Wool has submitted a bid to acquire financially troubled budget carrier Eastar Jet to compete with a local construction company that was previously selected as a preferred bidder,…

Read more: 2-way race begins to take over budget carrier Eastar

Hyundai Oilbank plans to go public next year

Hyundai Oilbank corporate image Hyundai Oilbank, a major South Korean oil refiner under Hyundai Heavy Industries Group, plans to list its shares on the country’s bourse next year, its parent company said Monday. The decision for Hyundai Oilbank’s initial public offering (IPO) was made during its board meeting, according to…

Read more: Hyundai Oilbank plans to go public next year

Daewoo E&C sale process stalls amid lukewarm attention

Daewoo E&C’s headquarters in Seoul / Courtesy of Daewoo E&C By Baek Byung-yeul Daewoo Engineering and Construction (E&C) is struggling with attracting new buyers as big-sized companies are paying more attention to emerging businesses such as biotechnology and IT rather than conventional construction businesses in the local M&A market. KDB…

Read more: Daewoo E&C sale process stalls amid lukewarm attention

Samsung gearing up to popularize foldable phones

By Kim Bo-eun Sammobile’s rendering of the Galaxy Z Fold 3 / Captured from Sammobile website Samsung Electronics is set to release a series of new foldable phones in the coming months, at a time when the tech giant seeks to popularize these premium models as part of its strategy…

Read more: Samsung gearing up to popularize foldable phones

Hyundai suspends US factory operations

Hyundai Motor’s plant in Alabama, the U.S. / Courtesy of Hyundai Motor By Kim Yoo-chul Hyundai Motor Group, the country’s leading vehicle manufacturer, has suspended its production facilities in the United States due to the shortage of automotive semiconductors, it said Monday. “Hyundai Motor will suspend operations of the company’s…

Read more: Hyundai suspends US factory operations

Debt-laden SsangYong Motor's workers to take unpaid leave for two years

The SsangYong Motor plant in Pyeongtaek / Yonhap Half of SsangYong Motor’s workers will go on unpaid leave for two years beginning next month as part of self-help measures as the debt-ridden automaker is striving to speed up its sales process, the company said Monday. SsangYong said its management and…

Read more: Debt-laden SsangYong Motor's workers to take unpaid leave for two years

Musk says Tesla will accept bitcoins when miners use more clean energy

In this Feb. 9 illustration, representations of virtual currency bitcoin are seen in front of Tesla logo. Elon Musk tweeted on Sunday that the electric carmaker will resume allowing bitcoin transactions when miners who verify transactions use more renewable energy. Reuters-Yonhap Tesla Chief Executive Officer Elon Musk tweeted on Sunday…

Read more: Musk says Tesla will accept bitcoins when miners use more clean energy

Will US ease anti-dumping tariffs on Hankook Tire?

Hankook Tire’s plant in Clarksville, Tennessee / Courtesy of Hankook Tire & Technology By Kim Hyun-bin The Tennessee House of Representatives and politicians in the U.S. are voicing opposition to additional anti-dumping duties on tire imports as the U.S. Department of Commerce (DOC) is set to make a decision on…

Read more: Will US ease anti-dumping tariffs on Hankook Tire?

Hyundai Chairman visits US to inspect future technologies

Micron challenges rivals in memory chip market

Eastar may pick preferred bidder next week: sources

Hyundai to offer hydrogen power for world's first electric car racing event

SK Telecom to showcase 4 video games at E3 2021

Hyundai resumes operations of local plants after quarantine steps

Hyundai, SK, POSCO, Hyosung to set up hydrogen council

Kakao founder launches charity foundation, 'Brian Impact'

OTHER NEWS