Naver strengthens partnership with CJ Group units through share acquisition

By Lim Chang-won Posted : October 26, 2020, 17:58 Updated : October 26, 2020, 17:58

[Courtesy of CJ Group ]

SEOUL -- Through the acquisition of shares worth about 600 billion won ($534 million), Naver, a leading portal service operator in South Korea, strengthened its strategic business partnership with CJ Group, a conglomerate with subsidiaries involved in food and foodservice, biotechnology, home shopping, logistics and entertainment and media.

Naver said in regulatory filings that it would acquire shares worth 150 billion won in Studio Dragon, 300 billion won in CJ Logistics, and 150 billion won in CJ ENMto strengthen and maintain their strategic business partnership.

Through the acquisition of shares, Naver said it would own 6.3 percent of Studio Dragon, a drama production, marketing and distribution company, 7.8 percent of CJ Logistics, a logistics service provider, and five percent of CJ ENM, an entertainment and mass media company that has distributed Hallyu (Korean cultural wave).

CJ ENM was the main distributor of Parasite, the Oscar-winning film directed by Bong Joon-ho.
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