PIF, other investors pump $930 mln in Korea's Kakao Entertainment: Report
12/01/2023
Argaam
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Kakao Entertainment Corp. raised $930 million in funds from investors, including Saudi Arabia’s Public Investment Fund (PIF), Bloomberg reported.
Kakao Entertainment issued around 2.26 million shares to the Saudi sovereign wealth fund and Singapore-based PWARP Investment.
The entertainment unit will utilize the new investments to expand its business portfolio, as it operates storytelling platforms including web novels and webtoons and also produces Netflix shows.
The Korea Times reported in January that PIF and Singapore's GIC are expected to invest a sum of $785 million in Kakao Entertainment, according to data available with Argaam.
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