Kakao M ready to become key K-content studio with fresh funds from investors

Lim Chang-won Reporter() | Posted : March 17, 2020, 08:53 | Updated : March 17, 2020, 08:53

[Courtesy of Kakao M]

SEOUL -- Kakao M, an entertainment wing of a web service company in South Korea, has raised a fresh fund of 210 billion won ($173 million) that would be used to strengthen the competitiveness of original content and become a key K-content studio in the global market.

Kakao M said that Anchor Equity Partners, a private equity firm, and other investors agreed to take over common stocks through capital Increase by allocation to third parties. The company said that the new investment would be used to step up its original content business including music, video and digital live entertainment.

Kakao M has actively diversified its business to produce a single content IP in various forms under the leadership of Kim Sung-soo, the former head of South Korea's entertainment giant CJ ENM. Kakao M controls five music labels and acquired three acting agencies in January 2019.

Kim said investors have recognized the competitiveness of Kakao M, which has made an active investment to showcase differentiated original content. "In the future, we will continue to make bold investments and establish strategic partnerships to strengthen the competitiveness of original content and become a global K-content studio," he said.
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