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South Korea's Kakao to merge with entertainment arm

South Korea's Kakao Corp. will restructure its operations and merge with entertainment subsidiary Kakao M, formerly LoEn Entertainment Inc., Yonhap News reported May 17.

A discussion with shareholders is scheduled for July, with the planned consolidation expected to conclude Sept. 1. The merger will build on synergies to boost platform competitiveness by combining content and technologies.

Following the merger, Kakao M's music and video businesses will be split into separate corporations.

As of May 17, US$1 is equivalent to 1,082.31 South Korean won.