Kakao Corp set to buy control of South Korea’s Loen Entertainment

Q.  Kakao Corp will take over the control of South Korea’s music streaming service provider _________
- Published on 12 Jan 16

a. Loen Entertainment
b. Spotify
c. iTunes
d. None of the above

ANSWER: Loen Entertainment
 
Chat app operator Kakao Corp is all set to purchase control of South Korean top music streaming services provider Loen Entertainment for USD 1.57 billion in another push to find fresh revenue streams. Kakao has indicated it will buy 76.4% stake in Loen which owns music streaming service MelOn and talent agency with IU, a K Pop artist. The stake is being purchased partly by issuing USD 754 billion won worth of new shares to top Loen shareholders Affinity Equity Partners and SK Planet Co Ltd.

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