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Disney in talks to acquire Bitstamp and Korbit owner Nexon: Report

Wed, 24 Apr 2019, 07:39 am UTC

Global entertainment giant Disney is in talks to buy a controlling stake in South Korea’s biggest game company Nexon, which owns two cryptocurrency exchanges – Bitstamp and Korbit, the Korea Herald reported April 17.

NXC Chairman Kim Jung-ju has reportedly personally reached out to a high-ranking Disney executive to discuss the acquisition.

The report states:

“The anticipated price for the stake to go on sale is 15 trillion won ($13.2 billion), with premiums for business management rights on top of the Nexon Japan share price…”

Previously, Kim had revealed his intention to sell his and his wife’s 98.64 percent majority stake in Nexon’s holding company NXC. Kakao Corp, Tencent, Netmarble Corp, and Electronic Arts Inc were among the potential buyers. Kim, however, seems to be particularly interested in Disney.

“What I envy the most about Disney is that they do not force money out of kids ... (consumers) gladly pay Disney. Nexon has a long way to go. Some people hate Nexon to death,” The Korea Herald quoted Kim Jung-ju’s anecdote in Nexon’s foundation story.

In October 2018, NXMH, an investment firm owned by NXC, acquired a majority ownership stake in Bitstamp, one of the longest-running cryptocurrency exchanges which recently received BitLicense from the New York Department of Financial Services (NYDFS).

NXC also owns a 65 percent stake in South Korean cryptocurrency exchange Korbit. If the deal goes through, the control of Bitstamp and Korbit could go to Disney.

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