Chat app operator Kakao Corp said on Monday it will buy control of South Korea’s top music streaming service provider Loen Entertainment Inc for 1.9 trillion won ($1.57 billion), in another push to find new revenue streams. Kakao said it would buy a 76.4 percent stake in Loen, which owns music streaming service MelOn as well as a talent agency with “K-Pop” artist such as IU, partly by issuing 754 billion won worth of new shares to top Loen shareholders Affinity Equity Partners and SK Planet Co Ltd. “The synergy from the acquisition will allow Kakao to generate new demand in the content business by adding music streaming to its existing portfolio of content services,” the company said in a statement.

Source: Yahoo Music
Link: Kakao to acquire South Korea's top music streaming operator for .6 billion