Kakao Entertainment secures 1.2 tln won in investment from sovereign wealth funds
SEOUL, Jan. 12 (Yonhap) -- Kakao Entertainment Corp., an entertainment, media and publishing unit under the South Korean tech giant Kakao Corp., said Thursday that it has secured a 1.2 trillion-won ($963.8 million) investment from global sovereign wealth funds.
The company said it is the largest overseas investment raised by a South Korean content production firm.
Kakao Entertainment did not elaborate on the names of the investors, but sources said Saudi Arabia's Public Investment Fund (PIF) decided to invest 600 billion won and Singapore's Pwarp Investment PTE is responsible for the other half.
"The investment proves Kakao Entertainment's global competitiveness and growth potential in the global market," the company said in a statement.
Kakao Entertainment said it will use the money to strengthen its global business, including possible merger and acquisition deals.
brk@yna.co.kr
(END)
-
S. Korea's childbirths hit record low in Nov. -
(LEAD) Heavy snow advisory issued for Seoul, surrounding areas -
Military says it initially regarded N.K. drone intrusion as non-emergency situation -
S. Korea's gas, coal imports hit record high in 2022: data -
TXT's new EP contains members' personal experiences of being tempted
