Yahoo! Injects $60 Million into Korean Version
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Yahoo! Inc. has announced that it will make an additional investment of US$60 million in its Korean subsidiary Yahoo! Korea to upgrade operations and prepare for more alliances or acquisitions in the local market.
"We have reached a critical stage in Yahoo! Korea's development,: said Yahoo! founder Jerry Yang, at a Seoul press conference. "We will invest about US$60 million into Yahoo! Korea -- the money can be used for operating purposes and we will be making local strategic business investments to help Yahoo! Korea and seek partnerships."
The new investment will sharply increase Yahoo! Korea's current capital of 900 million won (US$750,000) to 70.9 billion won (US$59 million).
"Given the estimated 10 million Internet users and overall Internet infrastructure, Korea is one of the leading Internet markets around the world and it is the right time to make an investment here," added Yang.
Jerry Yang also signed a memorandum on understanding with Samsung Electronics for partnership in e-business to offer Samsung global networks and services of Yahoo! and make it a participant of its shopping site on Yahoo! Korea.
Under the partnership, Samsung will operate its online shopping mall on the Yahoo! Korea site starting on March 10. The two companies will also cooperate in marketing, community service and market surveys.
The firms will also push joint development of Internet solutions, allowing Samsung's Web-enabled phones to have direct access to Yahoo! Web sites.
Samsung Electronics said the tie-up with Yahoo! will help the firm transform itself into a leading Internet business company.