Saudi Arabia, Singapore Funds Plow $966 Million Into Korea’s Kakao Entertainment

Riding high in global TV, music and film, the Korean entertainment industry is poised for another hefty injection of capital. Kakao Entertainment, which stretches across K-pop, webtoons and online story-telling, announced Thursday that it has raised $966 million (KRW1.2 trillion) through a bond issue that was subscribed for by sovereign wealth funds, Public Investment Fund (PIF) from Saudi Arabia and GIC from Singapore. The move follows the 2021 listing of Hybe Corp. (previously Big Hit), cash infusions for CJ ENM’s Tving streaming platform from Naver, the launch of large new production hubs CJ ENM Studios and SLL (JTBC and J… Read Full Article