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Nate (Korean: 네이트) is a South Korean web portal developed by SK Communications. In 2003, Nate acquired social media site Cyworld and in 2004, it achieved first place in local page views with a total of 3.8 million, surpassing rival Daum for the first time.
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SK Communications was created when parent SK Telecom merged the recently acquired Lycos Korea with its cable Internet unit NetsGo in 2002. [5] NetsGo is the developer of Nate, a popular web portal in the Korean market. Lycos Korea had trouble differentiating itself from competition.
The merger between two companies enabled group chairman Chey Tae-won and his related parties to hold more than a 30% stake in the new SK Holdings. It solidified their ownership compared to the pre-merger when Chey's stake in ex-SK Holdings was only 0.02 percent. [3] [4] In 2021, SK Holdings changed its name to SK Inc. [5]
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