SEOUL: Chat app operator Kakao Corp has unveiled a US$1.6bil deal to buy control of South Korea’s top music streaming service provider, tapping the market for Korean pop to diversify revenues and even expand offshore.
The South Korean firm said it would buy a 76.4% stake in MelOn streaming service operator Loen Entertainment Inc for 1.9 trillion won (US$1.57bil). Leon also owns its own record label with “K-Pop” artists such as IU.
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