Kakao's $1.6b K-Pop bet

Korea’s largest messaging app operator bids for controlling stake in Leon Entertainment as it looks to explore new growth engines following a slowdown in user growth.

Korean instant messaging service provider Kakao Corp said on Monday that it plans to buy a controlling stake in Loen Entertainment for W1.88 trillion ($1.6 billion) to help diversify its portfolio and reduce its reliance on advertising income.

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