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Games & Commerce

Korean game firms reshape leadership as mobile growth formula fades

Major South Korean game companies reshuffled top management and key organisations in the first half of this year, moving in different ways but with similar aims. The changes seek to reduce reliance on a mobile massively multiplayer online role-playing game growth formula and shift business structures toward global markets, PC and console games, and in-house intellectual property. Nexon and Neowiz put development and global capabilities forward, Krafton reshaped publishing leadership, and Kakao Games and Wemade moved amid governance changes.

Games & Commerce

Kakao Games stake deal completed, top shareholder changes to Line Yahoo

Kakao Games\' largest shareholder has changed from Kakao to a special purpose company backed by Japan\'s Line Yahoo, after a share sale and a third-party allocated capital increase were completed. The deal also completed the payment of 300 billion won in new funds. The new top shareholder is LAAA Investment, which holds 33.43 percent. Line Yahoo and related parties hold 38.95 percent in total, while Kakao\'s stake fell to 14.68 percent.

Games & Commerce

Kakao Games eyes turnaround with management shake-up and new game push ahead of new top shareholder

Kakao Games is moving to replace its management ahead of a change in its largest shareholder from Kakao to an investment vehicle funded by Line Yahoo. The company plans to appoint two internal directors who are expected to become co-CEOs and to name a non-executive director from Petrico Partners. It also outlined five new game releases from the third quarter through year-end as it seeks a turnaround after six consecutive quarterly losses.