South Korean content provider Kakao Entertainment agreed acquisitions of two US-based storytelling apps for nearly $1 billion to expand its reach across English-speaking regions.
As part of the deal, Kakao Entertainment will take over short fiction stories provider Tapas for $510 million and serial fiction outfit Radish for $440 million, as it seeks to enhance its global digital comics and novel business.
The acquisitions build upon earlier partnerships with the two app providers, which the company said provided it with confidence in the North American market.
Kakao Entertainment CEO Jinsoo Lee explained the moves will help it “rapidly ramp” its global operations, given the pair’s “strong North American foothold”.
Chang Kim, CEO of Tapas, and Radish chief Seungyoon Lee will retain day-to-day control of their businesses, while also becoming global strategy officers of Kakao Entertainment.
Kakao Entertainment also detailed plans to expand into India and China later this year.
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