Softbank CEO: discussing reviewing capital relationship with Naver concerning Line (updated)

LY

09/05/2024 08:53

(Adds CEO name, paragraph 1; background, paragraph 3)
       TOKYO/SEOUL, May 9 (Reuters) - SoftBank Corp  9434.T 
CEO Junichi Miyakawa said on Thursday that the company is
discussing reviewing its capital relationship with South Korean
tech firm Naver  035420.KS  concerning control of LY Corp
 4689.T , but they have yet to reach an agreement. 
    LY Corp is majority owned by A Holdings, a joint venture
between SoftBank and Naver, and operates Line, a messaging app
dominant in Japan and popular in Southeast Asia. 
    Naver said last week administrative guidance from the
Japanese government over a data leak last year required Naver to
reduce its control of LY Corp. 
    

 (Reporting by Anton Bridge in Tokyo and Joyce Lee in Seoul;
editing by Jacqueline Wong and Jason Neely)
 ((joyce.lee@tr.com;))