Yesterday, through a company press release, SK Planet announced that its board will sell a 52.56 percent stake in Loen Entertainment to Star Invest Holdings Limited (SIH), a subsidiary of Affinity Equity Partners, for 265.9 billion won (USD 236 million).
SK Planet is a subsidiary of SK Telecom, Korea’s largest mobile operator.
After the transaction, SK Planet’s share in Loen Entertainment will decrease from 67.56 percent to 15 percent. The statement from the company said that SK Planet expects the sale of the stake to help the entertainment business grow globally. SK Planet will focus their expansion efforts on the US, Europe and Southeast Asia.