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| ▲This photo, provided by Genie Music, shows, a logo of Genie Music. (PHOTO NOT FOR SALE) (Yonhap) |
SEOUL, July 15 (Yonhap) -- The news of South Korean online video streaming services TVING and Seezn merger led KT Studio Genie’s subsidiary Genie Music’s stock price to go up on Friday.
South Korean stock market, also known as KOSDAQ market ended with the stock price of Genie Music at 4 thousand 555 won which is 5.32 percent higher than Thursday.
When the market opened on Friday, the price of Genie Music’s stock rose up to 5 thousand 250 won which is over 21 percent profit, unfortunately due to arbitrage sales the increase was reduced.
The largest Shareholder of Genie Music is KT’s intermediate holding company called KT Studio Genie, which is known as a content business company with 100 percent of the seasonal shares.
On Thursday, CJ ENM and TVING, which goes by the corporate name of KT Seezn announced that they have decided to integrate TVING. Merger will follow the process of TVING absorbing Seezn.
KT Studio Genie plans to acquire the stakes of the merger corporation to secure TVING’s three largest shareholders position.
KT Studio Genie is drawing a lot of attention for being the co-production company of the South Korea’s hit drama “Extraordinary Attorney Woo” which recently premiered its first couple episodes.
(This article is translated from Korean to English by Joonha Yoo.)
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