South Korea s Kakao Entertainment to acquire serial fiction app Radish for $440 million Reuters 1 day ago
By Joyce Lee
SEOUL (Reuters) - Kakao Entertainment Corp, the online comic, talent agency and movie-making unit of South Korean tech giant Kakao Corp, is acquiring New York and Seoul-based serialized fiction app Radish for $440 million, Radish said in a statement.
The purchase will make Kakao the latest South Korean entertainment firm to expand in North America through acquisitions as Korean entertainment s global reach widens.
Kakao Entertainment has seen success with its online-based web cartoons or “webtoons” at home and in Japan, with Kakao-backed Piccoma becoming one of Japan s highest-grossing mobile apps outside games.
South Korea s Kakao Entertainment to acquire serial fiction app Radish for US$440 million
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TechnologyS.Korea s Kakao to buy two U.S. storytelling apps for $950 mln
Joyce Lee
3 minute read
South Korea s Kakao Entertainment Corp said on Tuesday it was acquiring U.S.-based online comic app Tapas and serialized fiction app Radish for $510 million and $440 million, respectively.
The purchase will make Kakao, the online comic, talent agency and movie-making unit of South Korean tech giant Kakao Corp (035720.KS), the latest South Korean entertainment firm to expand in North America as Korean entertainment s global reach widens. We are planning to engage the North American market in earnest through the intellectual property (IP) business through the acquisitions, Kakao Entertainment Chief Executive Officer Jinsoo Lee told Reuters.
Press release content from PR Newswire. The AP news staff was not involved in its creation.
Kakao Entertainment Acquires Tapas and Radish Media, Two Leading U.S.-based storytelling platforms
May 11, 2021 GMT
Kakao Entertainment Acquires Tapas and Radish Media
SEOUL, South Korea, May 11, 2021 /PRNewswire/ Kakao Entertainment signed definitive agreements on May 7 to acquire two storytelling platforms based in the U.S., Tapas Media, Inc. (hereafter Tapas) and Radish Media, Inc. (hereafter Radish). The acquisitions pave the way for Kakao Entertainment to expand its original content business in North America and other English-speaking regions. The company has already secured a dominant market share in Japan through its affiliate comic platform Piccoma.
Kakao to buy online novel app Radish for US$440m
AFP, SEOUL
Online fiction app Radish is being bought for US$440 million by South Korean Internet conglomerate Kakao Corp, the two firms said yesterday, making a multi-millionaire of its 30-year-old founder only five years after he set it up.
The deal is one of two acquisitions that Kakao announced yesterday totaling nearly US$1 billion, as it seeks to expand in English-language markets.
Pay-to-read platform Radish presents serialized storytelling in bite-sized installments optimized for smartphones, with readers paying about US$0.20 to US$0.30 to access the next episode immediately, or wait for an hour to read it for free.
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