Kakao officially denied rumors of selling its subsidiary Kakao Entertainment.
On the 7th, Kakao issued a clarification regarding rumors or reports, stating, "We discussed changes in the shareholder composition of Kakao Entertainment, but we have decided to halt the review."
It also noted, "We plan to continuously review various strategic measures to enhance Kakao Entertainment's global performance and business competitiveness."
This is the first time Kakao has publicly addressed the rumors about the sale of Kakao Entertainment, which first emerged in April. The management of Kakao Entertainment has denied that discussions about changing financial investors and equity were misinterpreted.
Kakao Entertainment operates diverse entertainment businesses, including story-related businesses such as web novels and webtoons, as well as music and video content.