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| Title | Daesung Group Acquires KOREA.COM, Korea's Most Representative Domain | 2006.01.23 |
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FROM: Daegu City Gas, one of the major affiliates of Daesung Group (David Younghoon Kim, CEO & Chairman) announced today that the company has completed the acquisition of Korea.Com Communications Co., Ltd, an Internet portal site www.korea.com. Daesung Group was selected as the preferred negotiator last October and signed a contract last December. Korea.com creditors, including Microsoft and Thrunet, finally agreed to Daesung's purchase at meeting held this morning. With the resolution of the final obstacles to acquisition, Daesung Group, which expects court receivership to end as early as late March, will dispatch a task force to Korea.com to revamp its operations. Korea.com stunned the business community when it was sold for $50 million to Korean Internet service provider Thrunet Co. in 2000. However due to mounting debts Korea.com has been under court receivership since 2003. Last September the site was put up for auction. Korea.com ranks seventh among community portal sites with 11 million subscribers offering various services including web mail and community services. Daesung Group Public Relations announced, "First, the Group plans to build a portal Web site able to provide multi-communication service and then launch the site as world wide informational gateway to Korea." With this acquisition, Daesung Group is expected to firmly establish itself as a global culture conglomerate. The Group plans to integrate Korea.com with the full scale launch of its overseas projects in synergy with its existing affiliates. CEO Kim noted, "Korea.com is significantly undervalued. Daesung Group will maximize its brand power by amalgamating the portal into Daesung's culture sectors and transforming it into Korea's premier gateway site." Daesung Group, widely respected for its energy business, since 2002 has pursued the culture industry as its next - generation growth engine, under the group motto "Warming Hearts and Warming Homes." Daesung Group has aggressively pursued various initiatives in the culture sector with investments in movies and television, publishing, event planning, and games. |
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| NO | Title | Date |
|---|---|---|
| 42 | [Book] More Than Conquerors | 2006.01.27 |
| 41 | [Book] My Cup Overflows | 2006.01.24 |
| 40 | Daesung Group Acquires KOREA.COM, K... | 2006.01.23 |
| 39 | Daegu City Gas Freed from Administr... | 2006.01.17 |
| 38 | Daesung Group Designated as Communi... | 2006.01.13 |
