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Korean streamer Tving looks for foreign partner Streaming service backed by Naver to ramp up expansion into overseas markets

Translated by Ryu Ho-joung 공개 2021-10-15 08:32:17

이 기사는 2021년 10월 15일 08:11 더벨 유료페이지에 표출된 기사입니다.

South Korean online streaming service Tving is looking for a partnership with a foreign strategic investor as it ramps up efforts to expand into overseas markets amid intensifying competition in the streaming space.

Tving has hired Nomura Securities to help it raise around 300 billion won ($253 million) from external investors through a private share placement, industry sources said on Wednesday. The company is said to seek funds at a 1.5 trillion won valuation.

It is likely that Tving will focus on securing a foreign strategic partner in the funding process, a move that is in line with the company’s push to expand into markets outside of South Korea, industry watchers said.

Tving raised 40 billion won from Naver in June this year in a deal that made the South Korean internet giant the second largest shareholder in the streaming service with a 15.4% stake after CJ ENM, which owns 70.5% of Tving. The company’s third largest shareholder is JTBC Studios with 14.1%.

Tving has since partnered with Naver to grow its monthly active users by connecting with the tech company’s vast user base. It also has focused on expanding its presence in overseas markets by using CJ ENM and Naver’s global networks.

Tving appears to want to strengthen its competitiveness through a partnership with a foreign investor, industry watchers said, as the South Korean company faces increased competition from global streaming platforms such as Netflix and Walt Disney’s Disney+, which is set to launch its service in South Korea in November.

JTBC Studios last year raised 400 billion won from external investors, 300 billion won of which was raised from Seoul-based private equity firm Praxis Capital Partners and the remaining 100 billion won from China’s Tencent Video. The deal was seen as part of an effort by the South Korean production company to expand into the Chinese market.

Tving is expected to start the marketing campaign soon and send out a teaser to potential investors. (Reporting by Seon-young Kim)
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