Concurrent deal closings by Kakao, Naver: Mere coincidence?
Rivalry evolves into global expansion, new businesses
Jun-ho Cha 8 HOURS AGO
Kakao Japan runs Piccoma, a leading webtoon platform
Early this month, when Anchor Equity Partners was in intense negotiations with Kakao Corp. over the terms of its 600 billion won ($530 million) investment in the South Korean mobile giant s Japan unit, the private equity firm was suddenly given short notice: Anyhow, get ready soon. We need to get the deal done by May 20.
At the time, Anchor Equity had expected to reach an agreement on the investment around the end of May at the earliest. But it had to hurry to meet the new deadline.
South Korea’s platform giant Naver Corp. is taking the leap into the digital currency platform market with its plans to participate in the Bank of Korea-led central bank digital currency (CBDC) project.
According to the IT industry on May 13, the Bank of Korea is set to kick off the CBDC pilot program in the second half of this year, in which Naver will participate via its subsidiaries Naver Financial Corp. and LINE Plus Corp.
Naver is eyeing digital currency as one of its growth engines, alongside commerce and content.
The CBDC pilot program will test the utility and security aspects of the project, such as creating, distributing and issuing digital currencies as well as making transfers and payments.
South Korea s two online giants Naver Corp. and Kakao Corp. have completed their respective acquisitions of storytelling platforms in the US and Canada, heralding head-to-head competition in the world s largest media and entertainment market.
Naver has closed its 684.8 billion won ($612 million) purchase of a 100% stake in Wattpad, the world s largest web novel platform based in Toronto, it said in a regulatory filing on May 10. It slightly revised up the price of its largest-ever cross-border acquisition.
On Tuesday, Kakao Entertainment Co., majority-owned by the mobile messaging app operator Kakao Corp., said that its board of directors has approved its acquisitions of both US-based mobile fiction startup Radish Fiction Inc. and the third-largest US digital comics platform Tapas Media Inc.
Echelon Fitness Scores Another Round of Funding
News provided by
Share this article
Share this article
CHATTANOOGA, Tenn., April 28, 2021 /PRNewswire/ Echelon Fitness announces another successful round of growth and funding in the first quarter. Newly raised capital will help to forge new deals, bring in new content and talent for the Echelon community and continue to bring to market innovative products across multiple retailers. New investors include Goldman Sachs Growth, North Castle Partners, and United Talent Agency (UTA).
Echelon Fitness has taken on the challenge of meeting the marketplace demand offering a range of connected equipment at different price points, available at reputable big-box retailers and Echelon online to suit a much broader range of at-home fitness enthusiasts. Since 2020 Echelon boasts:
UTA is bulking up its venture funding business.
The agency has hired veteran investment executive Clinton Foy as general partner, Venture Capital at UTA Ventures, which builds and invests in businesses at the intersection of media, entertainment, and technology.
Foy will work alongside Sam Wick, head of UTA Ventures, to grow and develop the agency s investment platforms by way of direct investing, venture capital investments and fund development.
“Clinton’s deep background in the venture capital community and proven track record of raising and investing capital for funds and startups across entertainment and tech makes him a strong fit for UTA’s entrepreneurial DNA,” said UTA CEO Jeremy Zimmer. “UTA has ambitious plans to expand our footprint in the venture capital space, and Clinton will play a big role in taking us to the next level.”