June 28, 2018 12:31
Kakao M, a subsidiary of dotcom giant Kakao, is taking steps to buy three entertainment management agencies.
Kakao already owns Melon, Korea's No. 1 online music-streaming site.
Kakao M said Wednesday it will buy a stake in BH Entertainment, which has among its stable of actors Lee Byung-hun, Ko Soo, Yoo Ji-tae and Han Ga-in. It will also acquire a partial stake in J,Wide Company, which manages Lee Sang-yoon and Daniel Choi. It did not say how much it is paying.
It also signed a strategic tie-up agreement with Soop Entertainment which manages actors like Gong Yoo, Kong Hyo-jin and Jeon Do-yeon.
The move is aimed at tapping into the resurgent Korean Wave and using the entertainment business as a bridge to access overseas markets.
Kakao M plans to spin off its contents business into a separate unit. Lee Jae-wook, head of Kakao M, said, "We will take the new unit public next year."
- Copyright © Chosunilbo & Chosun.com