Kakao to buy South Korea's top music streaming operator for $1.6 billion

January 11, 2016 by Zennie Abraham

By Se Young Lee SEOUL (Reuters) – Chat app operator Kakao Corp on Monday unveiled a $1.6 billion (1.9 trillion won) deal to buy control of South Korea’s top music streaming service provider, tapping the market for Korean pop to diversify revenues and even expand offshore. The South Korean firm said it would buy a 76.4 percent stake in MelOn streaming service operator Loen Entertainment Inc for $1.6 billion. The deal, Kakao’s biggest since its 2014 all-stock merger with web search operator Daum, gives the mobile chat company access to the biggest streaming service user base in South Korea as well as a library of popular music content. …read more

From:: Music And Top 100 News By Yahoo News

Zennie Abraham | Zennie Abraham or “Zennie62” is the founder of Zennie62Media which consists of zennie62blog.com and a multimedia blog news aggregator and video network, and 78-blog network, with social media and content development services and consulting. Zennie is a pioneer video blogger, YouTube Partner, social media practitioner, game developer, and pundit. Note: news aggregator content does not reflect the personal views of Mr. Abraham.

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