Kakao approves spinoff; KakaoX to review crypto and other new businesses

Kakao said it decided at a board meeting on Aug. 21 to split the company into newly established KakaoAI and surviving entity KakaoX through a proportional spinoff. According to Etoday, KakaoX will support growth at existing core affiliates while taking on the role of finding a second Kakao Bank, Kakao Pay and Kakao Mobility. The company presented virtual assets, physical AI and global fandom as areas for reviewing new businesses. KakaoAI plans to combine AI with advertising and commerce around KakaoTalk to create new user experiences and revenue models. Based on book value of net assets, the split ratio is 0.36 for KakaoAI and 0.64 for KakaoX.