Kakao Entertainment to acquire US web novel platform Radish Fiction
Photo by: Kakao Entertainment/Facebook Monday, April 5, 2021 10:03 AM UTC
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KaKao confirms acquisition plans
Previously, it has secured a $63.2 million or KRW76 billion investment led by investors KakaoPage Corp. and SoftBank Ventures Asia, as per Korea’s Infostock Daily. The huge funding was signed just last year.
This week, it was reported that KaKao Entertainment has now decided to acquire Radish and the company confirmed this by saying, It is true that we are pursuing the acquisition of Radish, but the other procedures should be completed.”
Apparently, the negotiation for the purchase of Radish Fiction’s management rights is ongoing. KaKao is shelling out $354 million or about KRW400 billion if the deal will be successful. The two companies have been on the negotiating table and this was revealed by sources last weekend