GIC and Saudi PIF Eye Stake in Kakao Entertainment
Posted on 01/03/2023
The Korea Times reported on January 2, 2022, that Singapore’s GIC Private Limited and Saudi Arabia’s Public Investment Fund (PIF) seek to invest US$ 785 million in Kakao Entertainment Corp., a subsidiary of South Korean internet company Kakao. Kakao Entertainment manages a global platform for webtoons, web novels, music, dramas, movies, and performances as well as managing K-pop artists.
Kakao Entertainment acquired South Korea-based music streaming service Melon Company in 2021. Kakao Entertainment acquired U.S.-based Tapas Media and Radish Media. In December 2022, Cube Entertainment signed an 80 billion-won music distribution deal with Kakao Entertainment. Cube Entertainment is home to girl group (G)I-DLE and boy band BTOB.