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Kakao Entertainment, a subsidiary underKakao, is reportedly looking for a buyer.
The letters stated that Kakao is seeking to sell its controlling stake in Kakao Entertainment.
Kakao Entertainment has been preparing for an IPO since 2019, back when it operated as KakaoPage.
However, due to unfavorable market conditions, the company has shifted its strategy towards a sale.
Kakao is currently the largest shareholder of Kakao Entertainment, holding a 66.03% stake in the company.
The second-largest shareholder is Anchor Equity Partners, a Hong Kong-based private equity firm, which owns 12%.
It also acquired the advertising production companyDolphiners FilmsandStudio K110.
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