Tag - Kakao to acquire MelOn operator

Kakao to acquire MelOn operator

Kakao Corp., the country’s leading mobile messenger operator said on Monday that it will acquire a controlling stake in music streaming company LOEN Entertainment. Kakao will purchase a 76.4 percent stake worth 1.87 trillion won ($1.54 billion) in LOEN, operator of MelOn. Kakao’s mobile messenger KakaoTalk is used by around two-thirds of South Korea’s 50-million population. LOEN’s MelOn has 28 million local users. “Music is one of the most loved content genres in the mobile era,” said Jimmy Rim, CEO of Kakao. [...]