Instant messaging app owner Kakao Corp has bought control of South Korea's top music streaming service in a $1.6 billion (£1.1bn) deal.
The company is buying a 76.4% stake in Loen Entertainment, which operates the MelOn streaming service. Loen also has its own in-house record label, Loen Tree.
The deal is Kakao's biggest since its 2014 all-stock merger with web search operator Daum and gives the company access to a large streaming userbase, as well as a music library.
According ...
To access this article you need to be a subscriber. If you are a subscriber login below.
Login NowIf you have previously taken a trial you will need to subscribe to access this article.
Subscribe Now