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South Korean media company Kakao Entertainment, which owns monster xK-pop label starship entertainmentsaid on Thursday (Jan. 12) that it raised 1.2 trillion won ($966 million) from a group of investors led by a sovereign wealth fund.
The move signals strong investor interest in South Korean music and media. Kakao Entertainment owns three other labels besides Starship: Antenna, Edam Entertainment and IST Entertainment, the latter of which lists boy on its roster. Kakao Entertainment also owns leading Korean music streaming app Melon, North America-based webtoon company Tapas Entertainment and several media production companies, and is a subsidiary of technology conglomerate Kakao Corp.
According to a company statement, the label plans to use the investment to “lead the development of global K-culture,” including through distribution partners to expand the reach of its record label and expand its artist’s fanbase through touring.
Kakao Corp. Chief Investment Officer and Executive Vice President said, “It is significant that we have access to funds of this size at a time when both Korea and the global market are facing a lot of uncertainty and investment sentiment is weak.” Bae Jae Hyun in the statement. “this is [a] Demonstrates the global competitiveness and future growth potential of Kakao Entertainment’s unique IP value chain, which spans multiple categories in the entertainment industry. “
As part of the deal, Singapore’s GIC and Saudi Arabia’s Public Investment Fund (PIF) each invested 600 billion won ($484 million), Korea Economic Daily reported earlier Thursday. GIC and PIF did not immediately respond to requests for comment.
Kakao Entertainment will issue new shares through a third-party placement, the company said.
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