Genie Music (KT Group) to acquire 38.6% of Millie's Library for KRW 46.4bn
- Deal value
- $32m
- Stake
- 38.6%
- Implied 100%
- $83m
- Revenue
- $13m
- Op. income
- -$3m
- Multiples
- PSR 6.3x
Deal value ÷ stake (structure unconfirmed)
2020 별도 · DART-verified
2020 별도 · DART-verified
On implied equity value
DART 20210330000577
- Target
- Millie's Library · E-book subscription platform
- Buyer
- Genie Music (KT Group) · SI
- Seller
- CEO Seo Young-taek and investors
- Structure
- —
- Announced
- Sep 10, 2021
- Closed
- —
- Stage
- Announced
Target
Millie's Library operates Korea's largest subscription e-book service, launched in October 2017, with 3.5 million cumulative subscribers, about 100,000 e-books and 3,000 audiobooks as of May 2021. HB Investment was its largest shareholder.
Deal rationale
Genie Music CEO Cho Hoon said the company acquired Millie's Library to overcome a slow-growth music streaming market and gain an edge against global competitors, aiming to become Korea's leading AI audio platform and raise corporate value through connected services (NewDaily). Genie Music said it would invest KRW 46.4bn for a 38.6% stake and become the largest shareholder (Asia Economy). Millie's Library was reported to be targeting an IPO in 2022.
| Revenue | $13m |
| Operating income | -$3m |
| EBITDA | — |
| Net income | — |
2020 별도 · DART-verified · 20210330000577
Press coverage
- 뉴데일리 (2021-09-10): “464억 원을 투자해 ‘밀리의 서재’ 지분 38.6%를 인수하고 1대주주 지위를 확보한다고 10일 밝혔다”
- 아시아경제 (2021-09-10): “464억원을 투자해 ‘밀리의 서재’의 지분 38.6%를 인수하고 1대주주 지위를 확보한다고”
- 딜사이트 (2021-07-05): “2019년과 2020년 영업손실은 각각 94억원과 49억원이다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.