Stream Media Corporation (JASDAQ:4772) announced a private placement of 8.693,480 common shares at a price of ¥317 per share for gross proceeds of ¥2,755,833,160 on October 28, 2020. The transaction will include participation from new investor NAVER Corporation (KOSE:A035420) for 7.55% stake. The company will receive funding through third-party allotment of capital.

The company will receive net proceeds of ¥2,743,833,160 in the transaction. The transaction is expected to close on November 30, 2020.