Article published on Saturday, December 24th, 2011
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Sunnyvale, Calif. - Daum Communications (CEO Sae Hoon Choi) announced that it has acquired management rights of OnNet (CEO Sean Hong), the developer of Korea’s number one online golf simulation game "Shot Online." The acquisition was executed via a buyout of approximately 82.52% of OnNet’s shares, with closing details and procedures to be complete by January, 2012. The buyout of OnNet Korea has no impact on the operations or management of U.S.-based and its portfolio of titles.

"We want to congratulate OnNet Korea and Daum on their partnership," said Kevin Kim, CEO of The U.S. entity OnNet/Gamescampus. "Although the management acquisition of OnNet Korea doesn’t directly affect the US ownership or publishing operations or the slate of games, we are excited at the potential for growth and opportunity that this partnership of two influential and successful companies could bring."

This deal gives Daum OnNet Korea’s existing game contents and its development team. Daum’s short term objectives are to create stable sales momentum. Long-term, Daum is working to develop a vibrant game business via a cross-platform games portal and actively pursue new game projects, such as the highly anticipated "Tour Golf Online."

Kyungwan Son, Director of New Initiative for Daum, said that Daum has already accumulated game marketing expertise through game channeling and has confirmed the competitive edge of its sports games. Son also emphasized that game development and publishing capacity of OnNet with the competitive platform of Daum will create tremendous synergy that will provide outstanding games for gamers to enjoy across multiple platforms.