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(LEAD) Kakao Entertainment secures 1.2 tln won in investment from sovereign wealth funds

Entertainment 17:09 January 12, 2023

(ATTN: ADDS more info from 6th para)

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.

This undated file photo shows Kakao Entertainment Corp. (Yonhap)

This undated file photo shows Kakao Entertainment Corp. (Yonhap)

The company has services for web comics and novels and movie and TV series production studios, as well as K-pop record labels and artist management business.

Its studios were behind famous Netflix originals "Money Heist: Korea - Joint Economic Area" (2022) and "Narco Saints" (2022) and the award-winning drama film "Broker" (2022).

The smash-hit rom-com "Business Proposal" (2022) is a TV adaptation of the Kakao Entertainment-published webtoon titled "The Office Blind Date."

The Ministry of Science and ICT said Kakao Entertainment's recent investment is part of the follow-up of the talks between South Korean President Yoon Suk Yeol and Saudi Crown Prince Mohammed bin Salman held in Seoul in November last year.

At the meeting, the two leaders agreed to strengthen their countries' cooperation in various sectors, including infrastructure and energy, and expand cultural exchanges and tourism.

The ministry said the Korean entertainment industry has been given momentum for another economic takeoff in the future.

brk@yna.co.kr
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