LG U+ enters music services realm with stake in KT Music

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LG U+ enters music services realm with stake in KT Music

LG U+, Korea’s smallest telecom operator, acquired shares of rival KT’s music platform subsidiary KT Music on Wednesday in a strategic move to strengthen its online music services.

The acquisition makes LG U+ the second-largest shareholder of KT Music with a 15 percent stake, after KT’s 49.99 percent. LG U+ spent 26.7 billion won ($23.3 million) on the deal.

LG U+ has long been seeking a partner to provide its own music service and catch up to its rivals. The nation’s top telecom operator, SK Telecom, has already teamed up with another online music service, Melon, and KT has its KT Music service.

By Kim Jee-hee

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