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Companies

CJ ENM to have W1.5 tril. ready for Endeavor, SM acquisitions

CJ Group Chairman Lee Jay-hyun speaks of the company's medium-term business plan through an online video message recorded at the company's headquarters in Seoul on Nov. 3. Courtesy of CJ GroupBy Kim Jae-heunLocal entertainment and media company CJ ENM is preparing to secure about 1.5 trillion won to acquire Hollywood film studio Endeavor Content and possibly the talent agency SM Entertainment in early 2022.It will cost $775 million (920 billion won) alone to acquire over an 80 percent stake in Endeavor Content, which could strain CJ ENM's finances. According to the contract the entertainment firm signed with Endeavor Group Holdings, the parent company of Endeavor Content, the follow-up procedures including the payment will be settled in the first quarter of next year. To prepare for the deal, CJ ENM opted to seek a short-term loan of 900 billion won right after the announcement of Endeavor's stock purchase agreement. The figure accounts for 21.5 percent of CJ ENM's capital. CJ ENM's volume of short-term loans surged from 85 billion won to 985 billion won instantly. The entertainment

Nov 23, 2021By Kim Jae-heun
CJ ENM to have W1.5 tril. ready for Endeavor, SM acquisitions
Politics

Namyang Dairy signs conditional deal to sell controlling stake to Dayou Winia

Namyang Dairy Product Chairman Hong Won-sik listens to questions from the National Assembly State Affairs Committee during an audit held in Seoul, Oct. 5. Korea Times file South Korea's No. 2 dairy company, Namyang Dairy Products Co., said Friday that its controlling shareholders ― Chairman Hong Won-sik and his family ― have signed a deal to sell their majority stake and management rights to the mid-sized local Dayou Winia Group.Namyang said the sale will go ahead only if it wins a legal dispute with local private equity fund (PEF) Hahn & Company. But if Hahn & Company wins the dispute, Namyang will have to sell its majority stake to the PEF. Details of the prices of the major stake sale and the date to finalize the deal were not available, Namyang said.In late May, Hong and his family struck a deal with Hahn & Company to sell a 53 percent stake in Namyang Dairy Products for 310.7 billion won ($262.1 million). The largest shareholders of the dairy firm did not concl

Nov 19, 2021By Kim Jae-heun
Namyang Dairy signs conditional deal to sell controlling stake to Dayou Winia
Companies

CJ ENM to acquire 'La La Land' production company

CJ ENM CEO Kang Ho-sung speaks during the press meeting for the group's “CJ ENM Vision Stream” plan at the CJ ENM Center in Seoul in May 31. Courtesy of CJ ENMBy Kim Jae-heunLocal entertainment and media company CJ ENM has signed a stock purchase agreement to take over an 80 percent stake in Endeavor Group Holdings' content business, it said Friday. The South Korean company agreed with Endeavor to pay 920 billion won ($775 million) for the stake.Endeavor Content is an American holding company for talent and media agencies that is well-known for producing the popular musical drama film, “La La Land,” in 2016.Through the acquisition deal, which the CJ Group's entertainment affiliate confirmed Friday, CJ ENM plans to establish a global production base in the United States and secure Endeavor Content's distribution network.The remaining 20 percent will be held by Endeavor Content, as CJ and Endeavor hope to maintain a cooperative relationship. The suggested acquisition deal is also calling for CJ ENM to acquire all of Endeavor Content's intellectual property (IP).

Nov 19, 2021By Kim Jae-heun
CJ ENM to acquire 'La La Land' production company
Companies

Netflix raises subscription fees as net neutrality issue continues

Netflix Vice President of Public Policy Dean Garfield speaks to journalists during a press conference in at JW Marriot Hotel in Seoul, on Nov. 4. YonhapBy Kim Jae-heunStreaming giant Netflix will raise its subscription fees for the first time in Korea, while the extraordinarily successful, Korea-made Netflix original series, “Squid Game,” has been drawing keen attention to the company's payment of content creators.On its official website, Thursday afternoon, Netflix said it will increase the Standard and Premium monthly membership fees by 12.5 percent and 17.2 percent, to receive 13,500 won ($11.4) and 17,000 won ($14.35), respectively. However, it will maintain its Basic subscription fee of 9,500 won ($8.02) per month.What's of greater concern is that Netflix is facing calls to provide compensation for the large volumes of traffic the streaming service generates on the domestic internet network. Its executive was recently in Seoul to reiterate its defiance against compliance with the Korean government's repeated requests for “network service fees.”Regarding t

Nov 19, 2021By Kim Jae-heun
Netflix raises subscription fees as net neutrality issue continues
Companies

Ralph Lauren American website blocks Black Friday shopping from Korea

U.S. Olympic athletes in the official Team USA Opening Ceremony Parade stand on the podium wearing Ralph Lauren designed uniforms in the United States, on July 12, 2012. AP-Yonhap By Kim Jae-heunRalph Lauren will block online customers in Korea from its official American website a week ahead of Black Friday, the biggest sales event of the year there, along with shoppers from the entire Asian region.“Local customers are restricted from directly purchasing Ralph Lauren products via the American online mall during the Black Friday sales. This policy will continue for a while and we are waiting for the headquarters in the Unites States to give us an explanation,” a Ralph Lauren official in Korea said. Ralph Lauren, and many other brands, commence Black Friday sales from Nov. 26 when apparel and accessories will be offered with discounts of up to 90 percent. The price benefit is not the only reason why many local customers shop on the casual fashion giant's American webs

Nov 19, 2021By Kim Jae-heun
Ralph Lauren American website blocks Black Friday shopping from Korea
Companies

ANALYSIS Shinsegae raises challenge to Coupang

Retail giant to create synergy between on- and offline businessesBy Kim Jae-heunShinsegae Group has completed all the procedures for the acquisition of eBay Korea as of Nov. 15. Now the retailer only faces strong competition against Naver and its main rival, Coupang.Shinsegae's market share in the online shopping sector only reached 3 percent before taking over eBay Korea. The Korean branch of the American multinational e-commerce firm, eBay, currently accounts for 12 percent of the market share of the online shopping sector. This figure, when combined with that of SSG.com (Shinsegae's online shopping platform), places the Shinsegae second overall in terms of its market share. Naver and Coupang account for 17 percent and 13 percent of the market share, respectively. Shinsegae has managed to increase its presence, but has yet hit its stride in terms of implementing seamless business operations. Tailing the big three is online retail competitor 11st, which recently joined hands with both Amazon, the world's largest e-commerce platform, and Lotte Shopping.Shinsegae Vice Chairman Chung Y

Nov 17, 2021By Kim Jae-heun
[ANALYSIS] Shinsegae raises challenge to Coupang
Companies

Lotte, Shinsegae fail in Southeast Asia, turn toward US

Lotte Group Chairman Shin Dong-bin, left, and Shinsegae Group Vice Chairman Chung Yong-jin / Korea Times fileBy Kim Jae-heunLocal retail giants like Lotte Shopping, Shinsegae and GS Retail suffered poor performances in Southeast Asian markets in the third quarter of this year. They have changed their global business strategies to shift toward the U.S. market instead.Lotte Shopping's supermarket brand Lotte Mart recorded respective 2 billion won ($1.69 million) losses in Vietnam and Indonesia, for a total loss of 4 billion won ($3.38 million). Lotte is operating 49 stores in Indonesia and 14 stores in Vietnam, a considerable number of stores, but its sales has been decreasing. Lotte Mart's accumulated sales between January and September this year showed 911 billion won, down by 13 percent year-on-year.Shinsegae's E-mart, the country's largest retailer, entered the Vietnamese market in December 2015 but failed to expand there. The retailer further attempted to open more supermarkets there, but the local government kept delaying its approval and E-mart decided to sell off its branch sha

Nov 15, 2021By Kim Jae-heun
Lotte, Shinsegae fail in Southeast Asia, turn toward US
Companies

CJ Logistics to invest in platform business as new growth engine

CJ Logistics worker at the company's distribution center in Gwangju, Gyeonggi Province, on Aug. 13. Korea Times fileBy Kim Jae-heunKorea's largest logistics firm, CJ Logistics, plans to invest 2.5 trillion won by 2023 to foster its platform business and evolve into an innovative technology firm. It also plans to achieve a paradigm shift in the logistics industry.“The logistics market is in a transition phase from labor-intensive to a digital structure. We need to transform into an innovative tech company that grows with customers,” CJ Logistics CEO Kang Sin-ho told employees in a congratulatory message to celebrate the company's 91st anniversary. CJ Logistics was established on Nov. 15, 1930. “Our vast amount of warehouses may help us remain in the top tier of the market, but ultimately, they won't guarantee our future survival. We will seek innovative growth by hiring top talent and cutting-edge technologies in the field,” he added.The platform business is one of four new growth engines that CJ Group mentioned for its mid-term vision. CJ Logistics will expand

Nov 15, 2021By Kim Jae-heun
CJ Logistics to invest in platform business as new growth engine
Companies

Coupang still facing profitability, labor issues

A truck in Seoul carries a message, May 14, urging punishment for Coupang that allegedly killed its worker from overworking. Korea Times fileBy Kim Jae-heunProfitability has been a major concern for Coupang since its New York listing, as Wall Street investors have been dissatisfied by its snowballing debt caused by a rapid expansion in operations.Coupang's core business model looks appealing, because it is positioned to benefit from the “network effect,” in which the value of a product or platform increases due to the rising number of customers which causes the network itself to grow.At the time of its New York listing, Coupang's stock price surpassed $60 briefly. However, the shares have been trading below $30 in recent months. That shows its focus on maximizing its market share and corporate size, rather than net income and operating margins, has been ineffective at least in the eyes of investors.Some industry insiders even advised Coupang to rethink its growth-focused business strategy and pay more attention to improving profitability. They recommended that Coupang sto

Nov 14, 2021By Kim Jae-heun
Coupang still facing profitability, labor issues
Companies

Hyundai Department Store executive caught violating quarantine rule

Hyundai Department Store in Apgujeong, Seoul / Korea times fileBy Kim Jae-heunA top executive at Hyundai Department Store has been accused of breaching quarantine rules during September and October by visiting an illegal entertainment establishment. He is also accused of having his driver wait until the morning to bring him back home.The executive acknowledged the allegation and apologized, but claimed that he did not know the club was operating illegally. But a police investigation appears inevitable as the executive breached the law.“The senior executive apologized over the case saying it is his fault that he went to a hostess bar regardless of the reason. However, he noted that he didn't know the place was illegal,” a Hyundai Department Store official said. Local media reported on Thursday that the top executive broke the quarantine rule at least four times last month when he went to the bar that was supposed to have been closed according to quarantine rules. The government forced nightclubs and bars to shut down completely between September and October due to a surge

Nov 11, 2021By Kim Jae-heun
Hyundai Department Store executive caught violating quarantine rule
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