S. Korea's top Internet portal to split into two firms

SEOUL, March 5 (Yonhap) -- NHN Corp., the operator of South Korea's top Internet
portal Naver, announced Thursday it will separate into two firms.
The company said it will set up a new firm called NHN Internet Business Platform
(IBP) in addition to NHN.

"We have been preparing this as a strategy in order for NHN, which marks its 10th
anniversary this year, to respond more promptly to transitions in the business
environment," said Choi Hwi-young, CEO of the company, in a conference call with
shareholders.
While parent company NHN will handle portal services like Naver and the country's
No. 1 online game portal, Hangame, NHN IBP will handle the firm's business
infrastructure, including advertisements and servers.
The company also said incumbent CEO Choi will move to the newly established
company as chief, while Kim Sang-hun, the company's in-house lawyer, was
designated as NHN's new head.
NHN IBP will launch May 1, the company said.
For 2008, net income surged 30.6 percent on-year to 365.7 billion won, with sales
jumping 31.3 percent to 1.21 trillion won, the company said last month in a
regulatory filing.
ygkim@yna.co.kr
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