Kakao Entertainment acquires shares of Antenna Music

Kakao Entertainment announced Wednesday that it has acquired a portion of Antenna Music's shares. [EACH COMPANY]

Kakao Entertainment announced Wednesday it has acquired a portion of Antenna Music’s shares.

Record label Antenna Music was founded by singer and songwriter Yoo Hee-yeol in 1997 and manages many artists such as Lucid Fall, Kwon Jin-ah, Sam Kim, Lee Jin-ah, Jung Seung-hwan, and Jukjae.

“We have signed a contract to acquire a part of Antenna’s shares and made a strategic investment,” Kakao Entertainment said in a statement. The statement added that the company as well as the record label plan to discover and foster artists from various music genres and continue close collaboration to develop music and video content businesses.

Antenna Music also released a statement, which said that it “hopes this will be an opportunity to firmly expand into different genres in the music industry that’s heavily focused on pop music and build an environment where singer-songwriters can have more stability.”

Kakao Entertainment also added that it will efficiently operate its different affiliated labels such as Starship Entertainment, Play M Entertainment, Cre.Ker Entertainment and EDAM Entertainment, “so that each label can maintain its unique color of music.”

BY YIM SEUNG-HYE [yim.seunghye@joongang.co.kr]