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The Korea Herald
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THE INVESTOR
March 28, 2024

Mobile & Internet

Kakao’s webtoon subsidiary attracts W125b investment

  • PUBLISHED :December 05, 2016 - 10:47
  • UPDATED :December 05, 2016 - 11:21
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[THE INVESTOR] Kakao announced on Dec. 5 that Anchor Equity Partners has decided to invest 125 billion won (US$106.60 million) in its subsidiary Podotree.

The content platform has issued 3,617,735 shares at 34,552 won per share and offered them to the Seoul-based private equity firm, which formed a consortium with Singapore’s sovereign wealth fund GIC.

This consolidates over 500 billion won value for Podotree, which operates Kakao Page, a mobile content platform for the South Korean messenger company, as well as an internet cartoon publisher Daum Webtoon Company since September.

Kakao Page has over 9.5 million cumulative subscribers, posting 470 million won in daily revenue. 


 

Boosted by the investment, Podotree will secure original intellectual property rights and expand its business from novels, graphic novels and webtoons to videos and advertisement, said the company.

Starting from the first quarter of 2017, it will apply its Cash Friends ads to both Kakao Page and Daum Webtoon and launch video-on-demand service, while expanding to Japan, China and North America, aiming to enter the IP business in earnest, said Lee Jin-su, head of Podotree and vice president of Kakao’s content business division.

By Hwang You-mee (glamazon@heraldcorp.com)

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