KT Corp., South Korea's largest broadband Internet operator, said Monday it has acquired the nation's top online advertising agency N Search Marketing Corp.
The acquisition paves the way for KT to make inroads into the growing market for search-based ads.
KT and its online ad affiliate Nasmedia Corp. purchased a 100 percent stake in N Search Marketing from the ad agency's parent company Hahn & Company for 60 billion won ($54.1 million).
KT owns a 33.3 percent stake in N Search Marketing, while Nasmedia owns the remaining 66.7 percent stake, KT said in a statement.
N Search Marketing has served as an ad agency for Naver, Google and Facebook in South Korea.
Nasmedia posted a net profit of 9.9 billion won on sales of 45.5 billion won last year.
In the statement, Koo Hyun-mo, vice president of KT, said the acquisition is expected to allow KT to expand its online ad businesses into search-based ads. (Yonhap)
