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A convertible bond investment on Wavve, the largest over-the-top (OTT) service in Korea
- Recent Matters
- 2019.12.10
Over-the-top (OTT) service platform “POOQ”, operated by South Korea’s three major broadcasters (MBC, KBS and SBS) acquired SK Telecom’s online video streaming service, “Oksusu” and launched a Korea’s brand new OTT platform “Wavve”, the largest OTT service platform in the country.
Financial investors acquired KRW 200 billion (approximately USD 167 million) convertible bonds issued by Content Wavve Corp., which runs Wavve, through a private equity fund (“PEF”) and a special purpose corporation (“SPC”). Yoon & Yang successfully provided comprehensive legal advice for SKS Private Equity Co., Ltd. and Mirae Asset Venture Investment Co., Ltd., PEF’s general partners (GP) on their investment to Wavve platform. Yoon & Yang extensively reviewed terms and conditions of the investment deal and various legal documents.
This investment is significant in that it was the first example of a large-scale investment for the domestic OTT service in Korea. In Korea, OTT market is expanding enormously and becoming competitive as global OTT platforms expand its market share in Korea.
The deal is also meaningful in that through this investment, Wavve could secure enough funds in order to produce high quality contents and expand into overseas market overcoming a rising challenge from global OTT players.
Financial investors acquired KRW 200 billion (approximately USD 167 million) convertible bonds issued by Content Wavve Corp., which runs Wavve, through a private equity fund (“PEF”) and a special purpose corporation (“SPC”). Yoon & Yang successfully provided comprehensive legal advice for SKS Private Equity Co., Ltd. and Mirae Asset Venture Investment Co., Ltd., PEF’s general partners (GP) on their investment to Wavve platform. Yoon & Yang extensively reviewed terms and conditions of the investment deal and various legal documents.
This investment is significant in that it was the first example of a large-scale investment for the domestic OTT service in Korea. In Korea, OTT market is expanding enormously and becoming competitive as global OTT platforms expand its market share in Korea.
The deal is also meaningful in that through this investment, Wavve could secure enough funds in order to produce high quality contents and expand into overseas market overcoming a rising challenge from global OTT players.
- Practices
- #Private Equity
- #TMT
