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Korea’s Naver Expands Investment in CJ ENM Streamer Tving
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variety.comPatrick Frater Asia Bureau ChiefLeading South Korean tech conglomerate Naver is to invest KRW40 billion ($352 million) in Tving, the streaming video platform spun off from CJ ENM.
The move is intended to accelerate Tving’s expansion within Korea and abroad.The agreement expands Naver’s equity stake in Tving to 15% and makes it the second largest shareholder, after CJ ENM.Analysis firm Nielsen Koreanclick recently reported that Tving has 3.34 million subscribers, which would put it close behind Netflix.
The company has not confirmed that figure, but says it aims to reach eight million subscribers by the end of 2023.Naver and Tving previously announced a stock swap in October last year.
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