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18:58 | 12 January 2023
The South Korean entertainment, media and publishing company announced the closing of a $966 million financing round.
The funding came from the Saudi Arabian Public Investment Fund (PIF) and Singapore’s PWARP Investment.
The company is a subsidiary of another South Korean internet giant, Kakao.
The main focus is managing various media businesses, which include platforms for streaming movies, TV shows, music and other entertainment content.
The services are provided not only domestically, but also abroad. The funding received will mainly be used for international expansion, with a focus on a growth strategy in North America.
Analysts believe investor interest in the area is largely due to the nature of the business, which many believe is recession-proof amid global economic uncertainty.
“This is a testament to the global competitiveness and future growth potential of Kakao Entertainment’s unique intellectual property value chain, which spans several categories in the entertainment industry,” said Jaehyun Bae, CIO of Kakao
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