Kakao to Acquire Global Web Novel Platform 'Radish'
[Asia Economy Reporter Kang Nahum] Kakao is confirmed to be pursuing the acquisition of the global web novel platform 'Radish.'
A Kakao official stated on the 4th, "Procedures to pursue the acquisition of Radish are currently underway."
The amount involved in the acquisition is reported to be around 400 billion KRW. This is the largest scale since the 1.9 trillion KRW acquisition of Loen Entertainment in 2016.
Previously, Kakao's content subsidiary Kakao Entertainment invested 32.2 billion KRW in Radish in July last year, securing a 12% stake. It is also known that in February this year, they additionally acquired Radish shares held by venture capitalists (VCs) and others.
By acquiring shares worth 400 billion KRW, Kakao Entertainment will become the largest shareholder of Radish and secure management rights.
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Industry insiders interpret Kakao's acquisition as a response to Naver's acquisition of the web novel platform Wattpad. Wattpad has 90 million monthly active users (MAU), making it the world's number one in the web novel sector. Naver acquired it in January for about 650 billion KRW.
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