Kakao Entertainment raised $966 million in financing from sovereign wealth funds, such as Saudi Arabia’s Public Investment Fund (PIF) and Singapore-based PWARP Investment.
The entertainment division of South Korean internet behemoth Kakao operates storytelling platforms (web novels and webtoons), music streaming, K-pop artist management, and other media (movies and TV series) businesses both domestically and internationally. According to the company, the latest funding will be used to accelerate its international expansion and make additional investments and acquisitions.
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