South Korea's top music streaming operator sells for $1.6 billion

Coral Williamson

Instant messaging app owner Kakao Corp has bought control of South Korea's top music streaming service in a $1.6 billion (£1.1bn) deal.

The company is buying a 76.4% stake in Loen Entertainment, which operates the MelOn streaming service. Loen also has its own in-house record label, Loen Tree. 

The deal is Kakao's biggest since its 2014 all-stock merger with web search operator Daum and gives the company access to a large streaming userbase, as well as a music library.

According ...

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