Posted on: Asiamedia.ucla.edu
SK Communications, the operator of popular Cyworld blog service and Nate portal, said Monday that it will merge with Empas search engine in a reverse takeover.
The amalgamation of the two entities will form a formidable Internet power that can challenge the strong leadership of NHN’s Naver portal. The action will also ease SK Group’s burden of meeting government regulations on corporate governance of conglomerates.
SK Communications’s Cyworld is Korea’s largest Web blog and community service with 20 million members. The firm had 185 billion won in sales last year, with 100 billion won from music sales from bloggers. It is not listed on the stock market while Empas has been traded in the junior Kosdaq market.
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