Investors may team up for stake in CJ ENM’s Tving Korean streamer likely to focus on potential synergies in overseas opportunities

Translated by Ryu Ho-joung 공개 2021-12-08 08:10:10

이 기사는 2021년 12월 08일 08:06 더벨 유료페이지에 표출된 기사입니다.

Potential buyers interested in a stake in South Korean streamer Tving are looking for partnerships with foreign industry players ahead of the final round of bidding scheduled for later this month, according to industry sources.

“Potential investors have focused on securing a foreign strategic partner to win the race as Tving puts emphasis on overseas expansion,” an industry insider said.

Tving, the streaming service of media and entertainment giant CJ ENM, plans to raise about 300 billion won ($253.5 million) in this pre-initial public offering funding round. The funding process is being handled by Nomura Securities.

The shortlisted bidders for a minority stake in the streaming platform include a consortium of Mirae Asset Capital and Mirae Asset Global Investments, Woori Private Equity, a consortium of KDB Investment and Hana Financial Investment, Goldman Sachs Principal Investment Area and CVC Capital Partners.

The South Korean streamer has been looking to raise capital from new investors that could bring synergies in expanding into overseas markets, rather than from existing shareholders such as JTBC Studios.

Tving is understood to have considered raising money from a domestic financial investor and a foreign strategic investor separately as JTBC Studios did last year. The South Korean production company raised 300 billion won and 100 billion won respectively from homegrown private equity firm Praxis Capital Partners and China’s Tencent Video in 2020.

However, after the announcement of CJ ENM’s $1 billion acquisition of Hollywood studio Endeavor Content in November, views have emerged that Tving could become less eager to search for a foreign strategic partner.

Despite that, Tving would still prefer an investor with a global network in the content industry, observers said. Tving is said to be seeking a valuation of about 1.5 trillion won in this funding round. (Reporting by Seon-young Kim)
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